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2016 Postmortem
In reply to the discussion: Bill Clinton was going to privatize Social Security until, uh, Fate stopped him. [View all]amborin
(16,631 posts)29. yes, and did not know that he continued Reagan's plan to means test it w/ heavy taxation:
A sly tax
A second change during the Clinton administration created another level of tax on benefits. This increased the percentage of benefits subject to taxation from a maximum of 50 percent to 85 percent.
From the start it was a sly tax.
In its first year, it was expected to affect only 3 percent of all retirees. The formula for the taxation of Social Security benefits, however, is one of the few items in our miserable tax code that is not indexed to inflation.
As a consequence, an estimated 30 percent of all retirees now pay some amount of tax on their benefits.
Ultimately, that tax will take back much of the benefits that accrue above the second bend point for higher-income workers. In other words, most of the employment tax paid on wages over about $55,488 a year will bring little benefit to workers because much of it will be taxed away.
All of this is history. It all happened before our slippery friends in Washington started dealing with entitlement reform. Soon they will start talking about changing the formula for future benefits and other sneaky ways to reduce or further means-test benefits.
snip
http://www.dallasnews.com/business/columnists/scott-burns/20130112-few-understand-that-social-security-is-already-means-tested.ece
A second change during the Clinton administration created another level of tax on benefits. This increased the percentage of benefits subject to taxation from a maximum of 50 percent to 85 percent.
From the start it was a sly tax.
In its first year, it was expected to affect only 3 percent of all retirees. The formula for the taxation of Social Security benefits, however, is one of the few items in our miserable tax code that is not indexed to inflation.
As a consequence, an estimated 30 percent of all retirees now pay some amount of tax on their benefits.
Ultimately, that tax will take back much of the benefits that accrue above the second bend point for higher-income workers. In other words, most of the employment tax paid on wages over about $55,488 a year will bring little benefit to workers because much of it will be taxed away.
All of this is history. It all happened before our slippery friends in Washington started dealing with entitlement reform. Soon they will start talking about changing the formula for future benefits and other sneaky ways to reduce or further means-test benefits.
snip
http://www.dallasnews.com/business/columnists/scott-burns/20130112-few-understand-that-social-security-is-already-means-tested.ece
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Bill Clinton was going to privatize Social Security until, uh, Fate stopped him. [View all]
Octafish
Apr 2016
OP
Much of what gets decided economically & politically, not just national defense, gets done in secret
Octafish
Apr 2016
#37
Agreed! The Shock Doctrine Treatise treats This Nonsense Well...So If the Other Night's Festivities
CorporatistNation
Apr 2016
#58
And there is no sane or valid reason to believe Hillary wouldn't do this. With the happy
djean111
Apr 2016
#2
History is important - We sure as hell don't want a repeat of a CLinton Admin
Ferd Berfel
Apr 2016
#17
We are not the ones grasping at straws. Those who do not remember history are doomed to
djean111
Apr 2016
#20
In case you missed it -- Hillary said Bill would be a trusted economic advisor
Armstead
Apr 2016
#53
No however he did call Hillary his co-president are you saying she will not reciprocate?
azurnoir
Apr 2016
#93
Thanks again for expansion of the truth, I love when you respond that way /nt
Dragonfli
Apr 2016
#33
Oh so that's what they mean by incremental change! I thought that's what I've been experiencing
highprincipleswork
Apr 2016
#9
Thank you, arikara. Hers is an outstanding presentation detailing cyberbullying...
Octafish
Apr 2016
#23
I am definitely war weary. So many of us are. That explains a lot of Bernie's surge.
Overseas
Apr 2016
#76
Next time the stock market crashes and doesn't wipe out your retirement, you'll understand.
Octafish
Apr 2016
#25
Thank you for explaining in detail. My concern regards the same US government.
Octafish
Apr 2016
#36
I asked the question after 2008 if SS had been privatized, how much of the Trust Fund would have
Samantha
Apr 2016
#41
That article doesn't even go far enough on Bill Clinton and SS privatization
BernieforPres2016
Apr 2016
#24
This is worth another kick and a special request blast from the past with a message.
bobthedrummer
Apr 2016
#28
The Lies of Neoliberal Economics (or How America Became a Nation of Sharecroppers)
Octafish
Apr 2016
#63
Old blue eyes in that context and picture, Sir, made me laugh albeit knowingly-thanks
bobthedrummer
Apr 2016
#85
Instead we've got perception manager George Stephanopoulos, and the Pentagon Entertainment Network
bobthedrummer
Apr 2016
#87
yes, and did not know that he continued Reagan's plan to means test it w/ heavy taxation:
amborin
Apr 2016
#29
One's gotta be a lawyer and a CPA to understand all the stuff -- except the politics.
Octafish
Apr 2016
#67
HRC Is Owned By The Oligarchs, Corporations And Banks - Make No Mistake About Her Loyalties
cantbeserious
Apr 2016
#55
Neil Barofsky Gave Us The Best Explanation For Washington's Dysfunction We've Ever Heard
Octafish
Apr 2016
#103
Clinton was talking about using the budget surplus, investing a small portion in the private sector
BlueStateLib
Apr 2016
#57