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Social security taxes are going up in 2018

Displaced Bama Fan

Displaced Bama Fan

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Jun 5, 2000
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YEAH!

http://www.msn.com/en-us/money/reti...lar186-in-2018-will-you/ar-BBGbtlv?li=BBnb7Kz

However, the Social Security Administration estimates that about 6% of covered workers pay the maximum amount of Social Security payroll taxes. In recent years, that has worked out to between 9.8 million and 10 million workers.

The tax hike will amount to $93 for those employees who make more than the new $128,700 wage base in 2018.
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Honestly, it's really not that much, but as we've all pointed out time and time again, we don't have a tax problem, we have a spend problem. Unfortunately, no one is willing to make any serious changes for fear of upsetting the takers. So we'll continue to our slow death spiral until...
 
seebell

seebell

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No worry DBF, business profits will explode after the new tax plan goes into effect. Your company will probably pay all your taxes for you.;)
 
Tidewater

Tidewater

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I'm actually okay with that since we need to keep the system solvent and despite Social Security never being intended to be anyone's sole retirement income, morons continually act like it is.
 
Displaced Bama Fan

Displaced Bama Fan

Hall of Fame
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Tidewater said:
I'm actually okay with that since we need to keep the system solvent and despite Social Security never being intended to be anyone's sole retirement income, morons continually act like it is.
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Moron mindset - "I paid $90,000 into Social Security in my life time and I expect to receive $50,000 a year in return."
 
gtowntide

gtowntide

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Mar 1, 2011
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Well as a recipient of social security since I retired, I would like to thank each and every one of you for participating. I like to call it my "govment cheese".
 
TIDE-HSV

TIDE-HSV

Senior Administrator
Staff member
Oct 13, 1999
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Tidewater said:
You earned it.

I think they need to increase the retirement age to keep the system solvent.
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It's that and make the premium base cover all earned income, as a true insurance retirement program should. Either that, or severely limit benefits as a percentage of premiums paid...
 
TIDE-HSV

TIDE-HSV

Senior Administrator
Staff member
Oct 13, 1999
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Tidewater said:
...then you'll show those revenuers.
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LOL! In my case, they've extracted their pound of flesh "nearest the heart." Doesn't matter. I want to see a actuarially sound system, with folks paying enough in, based on total earned income, to maintain itself. In fact, like most tax attorneys, I see the SS problem as an easily solved one, subtracting politics. Medicare is really the hard nut to crack, because it is really a health care cost problem, not an insurance problem. It'll remain so until the American public accepts the changes in health care delivery which will bring costs under control...
 
Displaced Bama Fan

Displaced Bama Fan

Hall of Fame
Jun 5, 2000
23,344
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Shiner, TX
TIDE-HSV said:
LOL! In my case, they've extracted their pound of flesh "nearest the heart." Doesn't matter. I want to see a actuarially sound system, with folks paying enough in, based on total earned income, to maintain itself. In fact, like most tax attorneys, I see the SS problem as an easily solved one, subtracting politics. Medicare is really the hard nut to crack, because it is really a health care cost problem, not an insurance problem. It'll remain so until the American public accepts the changes in health care delivery which will bring costs under control...
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I know this will divert the original topic, but hey, I started the thread so... My boss and I met with our insurance broker a month or so ago to discuss our liability/worker's comp renewals. During the course of the conversation, naturally we discussed our medical insurance as well as the cost continues to rise astronomically. One thing he mentioned, and I guess it makes sense, is that we spend 90% of the medical costs incurred typically occur during the last few years of life. My boss is dealing with an aging father who is in his 90s and talked about the costs associated with his care.

I found this Forbes article from a few years ago discussing health care as well. Very interesting and yes, we need to make changes.

https://www.forbes.com/sites/michae...-create-50-of-health-care-costs/#4ee4a6a128d7

While there are various ways to reduce the costs of health care, this fact (Cohen & Yu, 2012 Agency for Healthcare Research and Quality) should make you stop in your tracks: most business people have an 80/20 rule they apply in a variety of settings (20% of your customers generate 80% of your volume, etc.). This rule tells us that an enormous amount of the health system cost is centered in a very concentrated group of people. Who are they, why are they so expensive, and can we address this relatively small population to the benefit of the whole?

This is when the discussions about courage and character by lawmakers, practitioners and patients moves front and center. These patients tend to be newborns with serious issues and the elderly, who are often quite ill. According to one study (Banarto, McClellan, Kagy and Garber, 2004), 30% of all Medicare expenditures are attributed to the 5% of beneficiaries that die each year, with 1/3 of that cost occurring in the last month of life. I know there are other studies out there that say slightly different things, but the reality is simple: we spend an incredible amount of money on that last year and month.

Is it worth it?

The answer seems to be no.
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One thing I've told my kids, if my quality of life reaches a point where's it no longer "quality", I'll probably send them all letters with all my thoughts, love, prayers and wishes for them and fade off into the sun set. I don't want to be put in a home and I don't want to be a burden to them or my wife.
 
92tide

92tide

TideFans Legend
May 9, 2000
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Displaced Bama Fan said:
I know this will divert the original topic, but hey, I started the thread so... My boss and I met with our insurance broker a month or so ago to discuss our liability/worker's comp renewals. During the course of the conversation, naturally we discussed our medical insurance as well as the cost continues to rise astronomically. One thing he mentioned, and I guess it makes sense, is that we spend 90% of the medical costs incurred typically occur during the last few years of life. My boss is dealing with an aging father who is in his 90s and talked about the costs associated with his care.

I found this Forbes article from a few years ago discussing health care as well. Very interesting and yes, we need to make changes.

https://www.forbes.com/sites/michae...-create-50-of-health-care-costs/#4ee4a6a128d7



One thing I've told my kids, if my quality of life reaches a point where's it no longer "quality", I'll probably send them all letters with all my thoughts, love, prayers and wishes for them and fade off into the sun set. I don't want to be put in a home and I don't want to be a burden to them or my wife.
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we do need to approach end of life issues differently. but that is usually met with cries of death panels. and it makes sense why that resonates. our nature is to "do everything" to try to extend life, especially for loved ones.

my wife and i both put directives in our wills for no extraordinary measures.
 
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