Can't wait for the media to "both sides" this one. 'Democrat critics claim Republicans plan to privatize Social Security. Trump, GOP deny it. The truth? It's complicated.'
Because the revenue from income taxation of Social Security benefits is directed to the Social Security and Medicare trust funds, implementation of the OBBBA will have material effects on the financial status of the Social Security trust funds,” the report stated.
With the recent tax changes, the office projected depletion of the combined Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) trust funds will accelerate from “the third quarter of 2034” under the recent board of trustees’ report baseline to “the first quarter of 2034 following implementation of the law.”
A closer look at just the OASI Trust Fund found its reserve depletion date could accelerate “from the first quarter of 2033 to the fourth quarter of 2032,” while the DI Trust Fund reserves “are not projected to become depleted during the 75-year projection period” when both funds are considered separately.
Bessent was referring to Trump Accounts, $5,000 IRAs available to every baby born till it expires in 2028. Problem is that no one can time their retirement to the market. A National Thrift Savings Plan modeled on the Federal Employee Thrift Savings Plan would be a great addition to Americans retirements but they are not a substitute for Social Security Benefits. Senator Sanders, Warren and Hoyle have proposed the S393 SSA Expansion Act to preserve FDRs desire to prevent the elderly from living in poverty. The legislation would expand Social Security benefits by $2,400 a year and ensure Social Security is fully funded for the next 75 years by applying the Social Security payroll tax on all income above $250,000. Importantly, this legislation would not raise taxes by one penny on the over 91 percent of American households who make $250,000 or less. And if Congress would eliminate the provision that Medicare can not negotiate prices on ALL drugs with Big Pharma then Medicare's shortfall would be greatly reduced.
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Can't wait for the media to "both sides" this one. 'Democrat critics claim Republicans plan to privatize Social Security. Trump, GOP deny it. The truth? It's complicated.'
The Big UGLY BILL..
Because the revenue from income taxation of Social Security benefits is directed to the Social Security and Medicare trust funds, implementation of the OBBBA will have material effects on the financial status of the Social Security trust funds,” the report stated.
With the recent tax changes, the office projected depletion of the combined Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) trust funds will accelerate from “the third quarter of 2034” under the recent board of trustees’ report baseline to “the first quarter of 2034 following implementation of the law.”
A closer look at just the OASI Trust Fund found its reserve depletion date could accelerate “from the first quarter of 2033 to the fourth quarter of 2032,” while the DI Trust Fund reserves “are not projected to become depleted during the 75-year projection period” when both funds are considered separately.
Bessent was referring to Trump Accounts, $5,000 IRAs available to every baby born till it expires in 2028. Problem is that no one can time their retirement to the market. A National Thrift Savings Plan modeled on the Federal Employee Thrift Savings Plan would be a great addition to Americans retirements but they are not a substitute for Social Security Benefits. Senator Sanders, Warren and Hoyle have proposed the S393 SSA Expansion Act to preserve FDRs desire to prevent the elderly from living in poverty. The legislation would expand Social Security benefits by $2,400 a year and ensure Social Security is fully funded for the next 75 years by applying the Social Security payroll tax on all income above $250,000. Importantly, this legislation would not raise taxes by one penny on the over 91 percent of American households who make $250,000 or less.
And if Congress would eliminate the provision that Medicare can not negotiate prices on ALL drugs with Big Pharma then Medicare's shortfall would be greatly reduced.
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