*Investors Blog*

SC Maintenance said:
Hey, I am not going to argue with tax free, but still makes no sense. Your not paying in by free will - its garnished. Then your entitled to a benefit per the current law. No one gives it to you, you have to apply.

By the same logic a private pension should also be tax free, no? People pay in before you. Some people die before there even eligible. You get money out at retirement?

Not to mention the fund was put "on budget" in the 60's so at that point its not quite the general fund, but close.
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I am only telling you the history. I would, however, argue that the original deal was SS benefits were not taxable. That was the deal. Well, that deal changed, to partially offset other income tax reductions coupled with increased deficit spending.
 
JeffKeryk said:
I am only telling you the history. I would, however, argue that the original deal was SS benefits were not taxable. That was the deal. Well, that deal changed, to partially offset other income tax reductions coupled with increased deficit spending.
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The original income tax was capped at 3%, and only 4% of American households made enough money to pay any income tax.

Rockefeller paid $2M of the $71M collected that first year.

:ROFLMAO:
 
JeffKeryk said:
I am only telling you the history. I would, however, argue that the original deal was SS benefits were not taxable. That was the deal. Well, that deal changed, to partially offset other income tax reductions coupled with increased deficit spending.
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And therein lies the issue. The country is >$100T in debt with unfunded liabilities. Much of that hidden from sight so we only see the “national debt”. Then add in state liabilities. Big states like yours have big debts, big liabilities, and will almost definitely have to default at some point. Thus the “deal” will change again. Particularly for the middle-upper 20% or so that actually carry this nation.

Thus the means test will extend the runtime of certain programs a bit. Unfortunately I doubt that it will really help long term. And I also doubt that even if a huge portion of wealth was confiscated, that it would work out in the end, because even if we take all the riches of the Musks, Soroses, Gates, Zuckerbergs, Buffets, etc., what does it amount to, a few $Trillion?!?

Scary stuff if you’ve got a long working career and then young kids.
 
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JHZR2 said:
Why do I care if it’s a teaser rate? Opening accounts, transferring money, and closing accounts isn’t hard.
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You don’t have to (care). But I was referring to the fact that it only applies to the first $2,500 deposited at least from what I see online with a quick google.
 
Pablo said:
It is, but since we do our local banking with them, super easy. Also it was my same point in one of the savings rate threads, CU's always seem to have some teaser rate going.
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Wasn’t a knock on posting at all. Just (assuming I read correctly) was saying it’s a bit silly it only applies to the first $2,500. I’m assuming anything after $2,500 drops off quite a bit? Couldn’t tell from their website.
 
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