What is going on with the Big Beautiful Bill?

What's going on with the Big Beautiful Bill?

  • Trump is knowingly lying about Medicaid cuts

    Votes: 10 55.6%

  • Trump is being misled by his staff

    Votes: 0 0.0%

  • Tillis is lying

    Votes: 8 44.4%
  • Total voters
    18
  • Poll closed .
#83
#83
#84
#84
volfanhill said:
How can anyone be ok with this level of spending? JFC
Click to expand...
Trump told VolNation it’s ok so they’ll just say the spending is intended to fight illegal immigrants or whatever and if you’re not in favor of it then you’re a commie

Trump could propose a 100% tax rate on all Americans and this forum would still find a way to defend it lmfao
 
  • Like
Reactions: MercyPercy, EasternVol, NashVol11 and 1 other person
#93
#93
chuckiepoo said:
You consider Social Security an entitlement?
Click to expand...
it IS an entitlement.

AI Overview

Yes, Social Security is considered an entitlement program. This means that it is a government program that provides benefits to individuals who meet specific eligibility criteria, as defined by law. Essentially, anyone who has worked and paid Social Security taxes and meets the age or disability requirements is entitled to receive benefits.

Here's why it's considered an entitlement:
  • Automatic Benefits:
    If you qualify for Social Security benefits, you are automatically entitled to receive them based on the Social Security Act.

  • Eligibility Criteria:
    The program has specific eligibility requirements, such as a minimum number of work credits earned through paying Social Security taxes, and/or meeting age or disability criteria.

    • Mandatory Spending:
      Entitlement programs are a form of mandatory spending, meaning the government is obligated to provide benefits to all eligible individuals as long as they meet the requirements

a significant number of people receive more in Social Security benefits than they paid in Social Security taxes. Studies and reports indicate that many retirees, particularly those with lower to middle incomes and those who worked for a full career, will receive substantially more in benefits than they contributed through payroll taxes.

Here's why:
  • Progressive Benefit Formula:
    Social Security benefits are calculated using a formula that favors lower earners. This means that individuals with lower lifetime earnings receive a higher percentage of their pre-retirement income in benefits than those with higher earnings.

  • Length of Retirement:
    The longer someone lives in retirement, the more benefits they will receive, potentially exceeding their lifetime tax contributions.

  • Spousal and Survivor Benefits:
    Spouses and surviving spouses may also receive benefits based on their partner's earnings record, which can further increase the overall benefits received compared to individual contributions.

  • Early Retirement:
    Claiming benefits early, before the full retirement age, results in a permanently reduced monthly benefit amount, but it may still lead to receiving more in benefits than paid in taxes, especially for those with longer life expectancies.
For example, single man earning the average wage throughout his career, and retiring at 65 in 2020, would have paid about $466,000 in taxes but could expect to receive around $640,000 in benefits, according to 401k Specialist. Another analysis indicates that an average earning dual-income couple retiring in 2025 will receive 32% more in benefits than their combined taxes, while a single-earner couple will receive 62% more, according to the Committee for a Responsible Federal Budget
 
Last edited:
#94
#94
jmacvols1 said:
it IS an entitlement.

AI Overview

Yes, Social Security is considered an entitlement program. This means that it is a government program that provides benefits to individuals who meet specific eligibility criteria, as defined by law. Essentially, anyone who has worked and paid Social Security taxes and meets the age or disability requirements is entitled to receive benefits.

Here's why it's considered an entitlement:
  • Automatic Benefits:
    If you qualify for Social Security benefits, you are automatically entitled to receive them based on the Social Security Act.

  • Eligibility Criteria:
    The program has specific eligibility requirements, such as a minimum number of work credits earned through paying Social Security taxes, and/or meeting age or disability criteria.

    • Mandatory Spending:
      Entitlement programs are a form of mandatory spending, meaning the government is obligated to provide benefits to all eligible individuals as long as they meet the requirements

a significant number of people receive more in Social Security benefits than they paid in Social Security taxes. Studies and reports indicate that many retirees, particularly those with lower to middle incomes and those who worked for a full career, will receive substantially more in benefits than they contributed through payroll taxes.

Here's why:
  • Progressive Benefit Formula:
    Social Security benefits are calculated using a formula that favors lower earners. This means that individuals with lower lifetime earnings receive a higher percentage of their pre-retirement income in benefits than those with higher earnings.

  • Length of Retirement:
    The longer someone lives in retirement, the more benefits they will receive, potentially exceeding their lifetime tax contributions.

  • Spousal and Survivor Benefits:
    Spouses and surviving spouses may also receive benefits based on their partner's earnings record, which can further increase the overall benefits received compared to individual contributions.

  • Early Retirement:
    Claiming benefits early, before the full retirement age, results in a permanently reduced monthly benefit amount, but it may still lead to receiving more in benefits than paid in taxes, especially for those with longer life expectancies.
For example, single man earning the average wage throughout his career, and retiring at 65 in 2020, would have paid about $466,000 in taxes but could expect to receive around $640,000 in benefits, according to 401k Specialist. Another analysis indicates that an average earning dual-income couple retiring in 2025 will receive 32% more in benefits than their combined taxes, while a single-earner couple will receive 62% more, according to the Committee for a Responsible Federal Budget
Click to expand...
Fair enough. I won’t be drawing until later next year, having paid into the program for forty five years. I guess I consider it more of an earned benefit but am also aware there will be many to qualify that haven’t paid as much or as long as I did.
 
  • Like
Reactions: EasternVol, walkenvol, Orangeburst and 1 other person
#95
#95
jmacvols1 said:
none are serious about the budget unless/until they start making cuts to entitlements starting with SS.
Click to expand...
.....and?????

Let's not forget the military. All the sacred cows have bloated together. They must diet together. It is the only way.
 
  • Like
Reactions: Vol since 77
#96
#96
chuckiepoo said:
Fair enough. I won’t be drawing until later next year, having paid into the program for forty five years. I guess I consider it more of an earned benefit but am also aware there will be many to qualify that haven’t paid as much or as long as I did.
Click to expand...
the SS taxes you paid in is not for your retirement, it went to those who are currently retired...pay as you go system. In your retirement, your benefits will likely get cut...CBO estimates a 20% cut by 2034 if nothing is done now about SS. Why should your benefits be cut when those who are currently living off the taxes you are paying are not being cut?
 
#97
#97
jmacvols1 said:
the SS taxes you paid in is not for your retirement, it went to those who are currently retired...pay as you go system. In your retirement, your benefits will likely get cut...CBO estimates a 20% cut by 2034 if nothing is done now about SS. Why should your benefits be cut when those who are currently living off the taxes you are paying are not being cut?
Click to expand...
That’s just where the problems begin. Shrinking work force to recipients ratio isn’t sustainable either.
 
  • Like
Reactions: USF grad in TN and jmacvols1
#99
#99
McDad said:
.....and?????
Click to expand...

people want the gov't to cut spending..unless it effects their personal pocketbook

McDad said:
Let's not forget the military. All the sacred cows have bloated together. They must diet together. It is the only way.
Click to expand...
it's in the Constitution the gov't is to provide a defense to protect the citizens and this is really all the Fed gov't should be doing and there is enough money collected in taxes to pay for this with no shortfalls. Nothing in the Constitution about the gov't running socialized retirement/healthcare programs running massive deficits...for example a person works for 45 years makes an average of $40.000 per year will pay $26,100 in Medicare taxes......


AI Overview


A person earning $40,000 per year and working for 45 years would pay approximately
$26,100 in Medicare taxes over their career.
Here's the breakdown:
  • Annual Medicare tax: The standard Medicare tax rate for employees is 1.45% of wages. On a $40,000 annual salary, this equates to $40,000 * 0.0145 = $580 per year.
  • Total Medicare tax over 45 years: Over 45 years, the total Medicare tax paid by the employee would be approximately $580 * 45 = $26,100.
Upon turning 65 this person goes on Medicare then has an heart attack rushed to hospital in an ambulance, open heart surgery, stay in ICU, a lot of medication, assuming no complications, maybe some rehab spends far more than paid in taxes and why Medicare is in more trouble than SS. It does not have to be a heart attack but cancer and associated treatment. Just gall bladder removal surgery can cost eat up just about all this person paid in Medicare taxes...

AI Overview:
The cost of bladder removal surgery, also known as cystectomy, can vary significantly, but generally ranges from $19,000 to $32,000. Factors influencing the cost include the type of surgery (open vs. robotic), the specific hospital or facility, and the patient's overall health and complexity.


  • Social Security's combined trust funds are projected to run out of money in 2034.
  • If no action is taken, Social Security benefits may need to be reduced by nearly one-fourth in less than a decade.
  • There are various proposed solutions to address Social Security's solvency issues, such as raising the payroll tax, adjusting benefit formulas, and increasing the retirement age
(of course SS has no true trust fund and there are no assets in the "trust fund" only gov't liabilities in the form of gov't bonds. If the gov't cashed those bonds out, AI Overview says "at the end of December 2024, the Social Security trust fund reserves are estimated to be about $2.7 trillion. This represents a slight decline from the peak of nearly $3 trillion in 2020"..which is not enough to keep SS solvent. And if the SSA has to cash these bonds out to pay a retiree a SS check, where does the money come from to cash out these bonds? Taxpayers, so the SS retiree is still living on the back of the taxpayer and the gov't is in essence double taxing the taxpayer. Where does the interest come from on these on gov't bonds in the SS so called trust fund? Taxpayers)
 
  • Like
Reactions: McDad and chuckiepoo
New posts
You must log in or register to reply here.
Advertisement

Back
Top