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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsFORBES: How GOP Tax Plan Would Ruin Retirees, Underinsured
To pay for this runaway train of tax goodies for global corporations and the ultra-wealthy, the GOP is raising taxes on the Middle Class and refuses to address the long-term funding shortfalls in Social Security and Medicare. Neither the House nor Senate plan addresses this issue.
That fiscal failure will likely lead to massive cuts to these popular programs. According to the Senior Citizens League analyst Mary Johnson:
Worse yet, the House GOP plan caps mortgage interest, property tax write-offs and cuts personal exemptions while raising tax rates for middle-income earners.
Where would these cuts come from to pay for this horrendous legislation? Since they are not coming from defense or paring corporate tax breaks, the biggest target on the table are social insurance programs like Social Security, Medicare and Medicaid.
https://www.forbes.com/sites/johnwasik/2017/11/13/how-gop-tax-plan-would-ruin-retirees-underinsured/#3e14107d60ad
mobeau69
(11,168 posts)Action is required NOW.
Wellstone ruled
(34,661 posts)it has to be a loser. Forbes know that this sucker will crash his favorite play thing,the Stock Market.
Midnight Writer
(21,853 posts)Wellstone ruled
(34,661 posts)Forbes is after all,a full blown Libertarian.
Midnight Writer
(21,853 posts)This is classic abusive spouse behavior. Let'm know how bad it can be, then they will feel grateful when it is a wee bit better.
Wellstone ruled
(34,661 posts)Here is another tid bit. After watching a interview from a nice Lady from Oklahoma,who BTW is now the State Democratic Party Chair Person,talking about how the people suddenly are awake to what is really going on. And they are truly pissed. Remember,the Dems flipped one of the Reddest State districts by going back to the Old Time Campaign Methods,pounding on doors and talking to the people who vote.
It works,been there and done that.
Midnight Writer
(21,853 posts)The last place I would expect to see this News. They also ran a 2nd page story (AP I think) tearing the "Clinton Uranium 1" to shreds by simple fact checking.
This is a 16 page daily that is mostly ads and announcements.
Whatever is happening, it seems to be soaking in on those being trickled down upon.
Wellstone ruled
(34,661 posts)All the On Air Talent on Cable and Network News could not babble any more positive about this Tax Nightmare.
progree
(10,940 posts)Last edited Wed Nov 15, 2017, 11:07 AM - Edit history (1)
It says that right at the top.
They, like the New York Times and Washington Post, publish Op eds with varying viewpoints to show "balance". It doesn't mean they endorse them.
Kablooie
(18,647 posts)Democrats complaining don't have any power.
But of course these aspects of the tax plan are being hidden from all right wing media.
Elwood P Dowd
(11,443 posts)Like me, she would be in a world of hurt without Medicare and Social Security, yet she still defends the repukes who want to destroy it.
PoindexterOglethorpe
(25,928 posts)worked for one company for 20, 30, maybe even 40 years, depended on a pension, then put money into a 401k, and were promised Social Security. And now we're supposed to just say, "Oops!"
cstanleytech
(26,355 posts)but rather the main problem is how corporations have screwed millions by doing things like keeping wages artificially low for the average worker for decades as well as raiding pension funds and or not contributing as they agreed to in order to pocket the money for themselves.
Skittles
(153,298 posts)cstanleytech
(26,355 posts)will blindly go along with it like the sheep that they are.
Mountain Mule
(1,002 posts)There are plenty of Seniors who end up with nothing to get by on other than their social security check. I'm one of them. It sucks living on such a minimalist amount. The only thing that would suck worse is not having even that!
cstanleytech
(26,355 posts)PoindexterOglethorpe
(25,928 posts)In my personal case, my SS is just about exactly 1/3 of my income. I have a pension that is less than 10%, and savings that make up the rest. So even though my income isn't precisely in thirds, (savings, SS, pension), my Social Security amount fits that formula. And quite frankly, were it to go away or be greatly reduced, I'd be in trouble.
As it is, my pension is less than a third of what it should be, because the company I worked for declared bankruptcy more than once, and in one of those bankruptcies was able to shed its pension obligation, turning it over to the Pension Benefit Guaranty Corporation. Lucky for me I'd never depended on that pension. I worked for that company for some ten and a half years at the beginning of my working life, and even though I knew I was vested in the pension by the time I left, I always assumed it would be trivial. In fact, I'm getting a bit more than I'd always thought, but when I realize that it should be three times that amount (which would bring it up to nearly 25% of my income) it's a bit galling. At least I didn't work for twenty or thirty years and retire, thinking my pension would be a significant part of my retirement income. Unlike a lot of that company's employees.
Here's the thing. Many of us do exactly what we've been told over the years: work at the same job for two or three decades. Live modestly. Save money. And now the Republicans want to take it all from us. What the hell?
cstanleytech
(26,355 posts)so be it but this time the line of pikes is likely to be alot longer and all the money in the world will not protect them in the end.
PoindexterOglethorpe
(25,928 posts)So while I get your point, it's not entirely relevant.
cstanleytech
(26,355 posts)again then on their own heads be it.
RobinA
(9,908 posts)followed the rules and even though I won't be retiring to an island, I'm still mighty glad I did. I've never made a terrific salary, so I gave up some things to keep myself off a steam grate or having to be supported by some resentful family member. I've made some decisions about employment, etc. that I might not have made if I didn't have to think about retirement. As I turn 60 I still believe that I am in a better position than those who made different decisions, including not really thinking about retirement at all. You can only do what you can do.
That said, I recently adopted a cat, so I have been researching the better cat foods just in case.
DonCoquixote
(13,616 posts)You know that the GOP has done a fumble when the tax cut cheerleaders cannot even work up a halfhearted chant.
Skittles
(153,298 posts)WinkyDink
(51,311 posts)Achilleaze
(15,543 posts)This is a Royal Republican Ream-job (RRR), being promoted by the republican 'god-emperor'* and experienced casino hustler.
* aka republican Draft-Dodger-in-Chief
Response to CousinIT (Original post)
Achilleaze This message was self-deleted by its author.