So Barry in his infinite "Wisdom" knowing that SSI for the first time ever, in 2011, paid out more than it collected in revenue, determines the solution is to cut FICA taxes by 33% or as he calls them PAYROLL TAXES, in a feeble attempt to hide what he's doing. IF that doesn't PROVE the democrat version of SSI is a Ponzi scheme, workers NOT paying in now will expect their benefits even though they paid reduced amounts for them for two years or more.

NICE!!!

But in reality since all of Barry's supporters poor or rich don't pay income tax this is the only way to give them a tax cut.

Libs won't be happy until everyone is equally poor and dependent upon govt handouts.

All he wants to do is survive past the 2012 election and he will use all the smoke and mirrors he can find.

(09-20-2011 06:40 PM)THE NC Herd Fan Wrote:  So Barry in his infinite "Wisdom" knowing that SSI for the first time ever, in 2011, paid out more than it collected in revenue, determines the solution is to cut FICA taxes or as he calls them PAYROLL TAXES, in a feeble attempt to hide what he's doing by 33%. IF that doesn't PROVE the democrat version of SSI is a Ponzi scheme, workers NOT paying in now will expect their benefits even though they paid reduced amounts for them for two years or more.

NICE!!!

But in reality since all of Barry's supporters poor or rich don't pay income tax this is the only way to give them a tax cut.

What in creation are you talking about? And since when is FICA not considered a payroll tax? It's totally based on your wages (or self-employment income for Schedule C earners).

FICA is an acronym for "Federal Insurance Contributions Act." FICA tax is the money that is taken out of workers' paychecks to pay older Americans their Social Security retirement and Medicare (Hospital Insurance) benefits. It is a mandatory payroll deduction.

http://www.extension.org/pages/42696/wha...y-paycheck

And I may be mistaken, but doesn't 2011 still have a few months left?

And do you have a source for your information?

Not to mention:
Supplemental Security Income (SSI) is a Federal income supplement program funded by general tax revenues (not Social Security taxes):

It is designed to help aged, blind, and disabled people, who have little or no income; and

It provides cash to meet basic needs for food, clothing, and shelter.

http://www.ssa.gov/ssi/

**** the old and disabled I guess?

You're playing semantics, Tom. You KNOW that when he said SSI, he meant Social Security.

SSI is a supplement to social security... and not part of the social security trust fund

It's also semantics as to whether it is a tax. As you're supposed to pay in to get out, and what you get out is at least SOMEWHAT determined by how long you put in (but obviously only somewhat)... it certainly behaves more like an insurance policy than a tax... hence the name Federal Insurance Contributions Act... as opposed to FUTA (Federal Unemployment TAX act)...

NONE of which addresses the fact that people paying in for the next few years will pay in less, but get the same out. If it were an actual trust fund... you couldn't simply reduce the input and not impact the output.

We laugh at how bills are named these days, but it's telling to go in and actually look at "how it was sold".

(09-21-2011 04:48 PM)Redwingtom Wrote:  

(09-20-2011 06:40 PM)THE NC Herd Fan Wrote:  So Barry in his infinite "Wisdom" knowing that SSI for the first time ever, in 2011, paid out more than it collected in revenue, determines the solution is to cut FICA taxes or as he calls them PAYROLL TAXES, in a feeble attempt to hide what he's doing by 33%. IF that doesn't PROVE the democrat version of SSI is a Ponzi scheme, workers NOT paying in now will expect their benefits even though they paid reduced amounts for them for two years or more.

NICE!!!

But in reality since all of Barry's supporters poor or rich don't pay income tax this is the only way to give them a tax cut.

What in creation are you talking about? And since when is FICA not considered a payroll tax? It's totally based on your wages (or self-employment income for Schedule C earners).

FICA is an acronym for "Federal Insurance Contributions Act." FICA tax is the money that is taken out of workers' paychecks to pay older Americans their Social Security retirement and Medicare (Hospital Insurance) benefits. It is a mandatory payroll deduction.

http://www.extension.org/pages/42696/wha...y-paycheck

And I may be mistaken, but doesn't 2011 still have a few months left?

And do you have a source for your information?

Not to mention:
Supplemental Security Income (SSI) is a Federal income supplement program funded by general tax revenues (not Social Security taxes):

It is designed to help aged, blind, and disabled people, who have little or no income; and

It provides cash to meet basic needs for food, clothing, and shelter.

http://www.ssa.gov/ssi/

**** the old and disabled I guess?

The statement you posted I highlighted in RED, MONEY TAKEN out of workers (meaning current 2011 workers) paychecks to pay older Americans, so the money taken in 2011 pays current retirees. HMMM..... you know Money taken from investors today, to pay investors from yesterday AIN'T THAT a PERFECT description for PONZI SCHEME?

Most Americans are TO STUPID to realize when Obama says Payroll Tax he's really ROBBING FICA and SSI. AND for your information the tax collected for Medicare is a separate tax that is NOT impacted by this cut.

I had no idea what he was talking about! I assumed he has talking about SS at first until I googled SSI so I responded for clarification. Silly me, I forgot the double-standard on here where liberals can’t leave anything up to assumption or interpretation while others are not held to the same degree.

I know I have mentioned this a few times, but I am a tax accountant. I’m well aware of what makes up SS withholding. And in my industry all payroll withholdings of this nature (Federal, FICA, State and Local) are normally referred to collectively as payroll taxes, although everyone in my line is well aware that FICA is not totally a tax. And it’s not uncommon to see it referred to as a tax in other places. A quick google for Social Security reveals that it is pretty commonplace for it to be called a payroll tax. So Obama is not deceiving anybody here.

Social Security is currently solvent through 2037 or so something by all accounts.

Finally, I’m still waiting for a source of your information as to the SS payouts in 2011 in relation to the receipts. Not to mention where you found that all Obama supporters pay no tax.

(09-22-2011 10:24 AM)Redwingtom Wrote:  I had no idea what he was talking about! I assumed he has talking about SS at first until I googled SSI so I responded for clarification. Silly me, I forgot the double-standard on here where liberals can’t leave anything up to assumption or interpretation while others are not held to the same degree.

Yes, you're so oppressed.

Do you want a cookie?

(09-22-2011 10:24 AM)Redwingtom Wrote:  I had no idea what he was talking about! I assumed he has talking about SS at first until I googled SSI so I responded for clarification. Silly me, I forgot the double-standard on here where liberals can’t leave anything up to assumption or interpretation while others are not held to the same degree.

No. The double standard comes in when you knowingly respond to a thread about Obama's plan to reduce "the payroll tax", which by your own admission on googling isn't related to SSI... (your words, funded from general tax revenues) yet you obviously KNOW that "the payroll tax" funds social security. If the guy is complaining about Obama's plan to CUT FICA, and mentioning that the "fund" paid out more than it took in for the first time ever (and by your own admission, there ISN'T an SSI fund) I find it hard to believe you didn't know what he was talking about.

Quote:I know I have mentioned this a few times, but I am a tax accountant. I’m well aware of what makes up SS withholding. And in my industry all payroll withholdings of this nature (Federal, FICA, State and Local) are normally referred to collectively as payroll taxes, although everyone in my line is well aware that FICA is not totally a tax. And it’s not uncommon to see it referred to as a tax in other places. A quick google for Social Security reveals that it is pretty commonplace for it to be called a payroll tax. So Obama is not deceiving anybody here.

Casting FURTHER doubt on your claim that you didn't know what he was talking about. All you're proving is that politicians have succeeded over the decades (at least since Gore and his "lock box") in making people FORGET that it is an insurance premium and NOT a tax.

Quote:Social Security is currently solvent through 2037 or so something by all accounts.

You realize that is only 25 years away, right? If it were anything but a Ponzi scheme, where eventually you have there wouldn't BE a solvency date.... like there isn't for corporate pensions or annuities or insurance contracts. They ALSO have periods where the output > the input... but this doesn't project into an eventual insolvency.