Write Review
1,899,024 Total Reviews 3,495 New Reviews
6,651 Users Online

Politics and Religion

[born 1968 and after] New legislation would raise retirement age to 69
DaveMogal 74 Reviews 512 reads
posted

It is already 67 for folks born since 1/1/1960. It will be interesting to see how far this gets and if Trump decides to veto it.

http://www.accountingtoday.com/news/tax-practice/new-legislation-would-raise-retirement-age-to-69-80102-1.html

http://samjohnson.house.gov/uploadedfiles/social_security_reform_act_bill_text.pdf
Related Link: http://www.accountingtoday.com/news/tax-practice/new-legislation-would-raise-retirement...

GaGambler136 reads

I am one of the last of the baby boomers and I knew decades ago that my chances of ever seeing a nickel of my SS contributions were virtually nil. Anyone 40 or younger will most likely have to make it to 80 AND be virtually destitute to start seeing a return on their money.

Personally I am fine with this new legislation, if anything it doesn't go anywhere near far enough. It's a pretty simple issue, SS either has to get more money or pay out less. Sorry Ed, ST C et al, but if my choice is giving up my personal SS or having over 15% of every penny I make go to payroll taxes, it's a very easy choice to give up my so called "benefits".

ReplyQuoteReport
Dr Who revived218 reads

If "having over 15% of every penny I make go to payroll taxes" this is what your CPA's are doing...fire their phucking asses and hire someone who knows what the phuck they're doing.

Last I checked YOU have 7.65% of the FIRST $ 118,500...and then only an additional  1.45% on any excess.  YOUR employer matches this...but for MOST folks that isn't their concern.  As well..the employer gets to deduct the payroll taxes from income.

My engagement letter is in your inbox  ;)           Please sign, date and return timely...along with my advance engagement fee of $ 2.5M.  

Thank you for your support.

Posted By: GaGambler
I am one of the last of the baby boomers and I knew decades ago that my chances of ever seeing a nickel of my SS contributions were virtually nil. Anyone 40 or younger will most likely have to make it to 80 AND be virtually destitute to start seeing a return on their money.  
   
 Personally I am fine with this new legislation, if anything it doesn't go anywhere near far enough. It's a pretty simple issue, SS either has to get more money or pay out less. Sorry Ed, ST C et al, but if my choice is giving up my personal SS or having over 15% of every penny I make go to payroll taxes, it's a very easy choice to give up my so called "benefits".  

ReplyQuoteReport
DUANE176 reads

but you are right if you pay it all being self employed you do get the deduction

-- Modified on 12/14/2016 8:39:33 AM

ReplyQuoteReport
GaGambler141 reads

I said "IF" the choice comes down to those two options and removing the cap on income subject to payroll/SS tax is one of the options being considered to "save" SS.

If you are self employed and pay self employment tax, or own a company and pay yourself a salary, you are paying approximately 15% in payroll taxes. The liberals want to eliminate the cap, which means my statement would be accurate in that any self employed person would be paying around 15% of EVERY penny they earned.

Duane, maybe you could explain this concept to the good doctor, and tell him to expect MY bill in the mail for setting him straight on this.

ReplyQuoteReport
Post Reply Back To Forum
Register Now!