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A comment on You Can't Soak the Rich. Parent comment

Re:You Can't Soak the Rich by Retric on Wednesday May 21, 2008 @09:55AM (#196009)
How is federal income redistribution based on income anything other than welfare supported by tax? And how is it anything other than an income tax?

PS: Given the choice I would give my SS benefits if I could avoid paying SS taxes.

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Re:You Can't Soak the Rich by anamax on Wednesday May 21, 2008 @10:25AM (#196038)
SS is mildly redistributionist (for the rich) but mostly time-shifting.
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Re:You Can't Soak the Rich by Retric on Thursday May 22, 2008 @09:59AM (#197121)
I am 27 and making 70k. SS takes 14% of my income and will start paying me back at 67. Ignoring may past "donations" we are taking about 40 years worth taxes and 40 years worth of lost investments. Granted there is some give and take about such things but 6% over inflation is little on the low side but not unreasonably so.

So the basic numbers are 70 * .14 * 1.06^40 = 56k / year in retirement but SS cap's at 1/2 that so at least 1/2 of SS is pure income redistribution for a young person making 70k.

Granted if bad things happen SS will help me or my family out, but that's the definition of welfare. And if I die before 67 I am left with nothing.

PS: SS is not just about retirement, but life and disability insurance is cheep and I still pay for it have and I have been paying for over 5 years at this point and 6% over inflation is a vary low number for 40 years.

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