Currently those with an AGI
(Adjusted Gross Income) of $200,000
or more pay over 40% of all
federal income taxes. This is not a
well of an unending source of taxes
for the ones proposing massive
government entitlement programs. As
such the demonization of citizens
who have tried to prepare for
retirement by saving and investing
has begun
The social security system which
was, at its inception, supposedly a
supplement for those retiring has
been raided and spent. Benefits for
individuals who have paid into this
trust fund have been throttled back
and retirement age requirements
raised with more adjustments
required in the near future to keep
the fund afloat. Even with a modest
interest rate the 12% of an
individual’s wages which went
into the social security fund would
have provided a nice supplement to
their retirement. The politicians
are now calling it an entitlement,
as if it is a gift from the
government and as such can be taken
away at any time.
Politicians vying for public office
continually play the us against
them card, the have nots versus the
haves. The thinly veiled
implication that capital gains
taxes are just and right; but once
the veil is lifted on the large
capital gains taxes they are
proposing we discover it negates an
elderly person’s gain on their
home which they had counted on to
assist in their retirement, with
the same argument being used
against other retirement vehicles
such as 401k’s and IRA’s. The
leveling of the playing field will,
if continued, do much toward
pushing the US into the socialist
category of government.
05 Jul 2008 07:49
What are we now with social
security, welfare, food stamps,
medicare and medicaid, wic and
other social services provided for
US citizens in need?
