Tuesday, April 14, 2015

The End of Social Security and Medicare

One of the potential Presidential contenders has proposed both an increase in the age of both Social Security and Medicare and an elimination of any Social Security is perchance you were somewhat successful in life, no where near the top 1%, well below that.

NJBIZ states:

On Social Security, the potential 2016 Republican presidential candidate proposed gradually raising the national retirement age to 69, hiking the early retirement age to 64 and imposing income caps on payments. Under ...s plan, future retirees making $80,000 annually in income exclusive of Social Security will see benefits gradually phased out and those making in excess of $200,000 annually will see them eliminated entirely. “I’m suggesting that Americans pay into this system throughout the course of their life knowing that it will be there if they need it to support them. So that seniors will not grow old in back-breaking poverty,” ... said in prepared remarks distributed by his Leadership Matters for America PAC. “But if you are fortunate enough not to need it, you will have paid into a system that will continue to help Americans who need it most. That is what we have always done for each other through private charity and good government. This is fair and it is what we must continue to do by changing Social Security.”

That's right, you pay into this plan and if you were successful you get nothing, zip, da nada, zero, zilch, whatever. Thus if one follows the rule the year you sell your home, the profit becomes income and as a result of the ACA you are taxed 3% for Medicare and this new plan then makes certain your SSI is terminated! Wow.

I would vote for Elizabeth Warren who seems to be well to the right of this erstwhile candidate!