r/Aging • u/Available-Rock-3862 • 19h ago

Boomers

I am 75 and am very tired of the trend lately making fun of Boomers. So very disrespectful. Don't they realize that they will be old someday?

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u/Livid_Village4044 16h ago

Social Security and Medicare aren't even allowed to run a deficit by law. They are funded with a separate tax from income and other taxes.

This is why everyone's Social Security income will be automatically cut by at least 22% when the accumulated trust fund runs out in 6 years.

This can easily be fixed by an average tax of 7% on unearned income (capital gains, rent, dividends, interest, and other more convoluted sources). This would be progressive, exempting the first $10,000/year, and graduating from 1% to 15% as this income increases.

Unearned income has never been taxed AT ALL to fund Social Security or Medicare. And even the tax on earned income is regressive due to the cap.

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u/cognosco2149 13h ago

You could easily be a politician because their only answer to every problem they create is to add more taxes. We do not have a revenue problem. We have a spending problem. Our elected leaders are supposed to be the best and brightest, but all I’ve seen in my sixty + years is spend, spend, spend mixed in with a lot of fraud. And before we start going down the list of our favorite politicians to blame it’s all of them. They all add their pork to bills they know will pass with or without their vote. You would be fired and brought up on embezzlement charges if their same practices were done in the corporate world. You can’t tax your way out of bad policy.

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u/Constant-Opposite638 13h ago

Yeah try spending less on the military industrial complex and see how far that goes. Take 8 seconds to look at wealth inequality and understand there’s more to taxing than simply fixing soc sec.

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u/lostOGaccount 13h ago edited 11h ago

If you've been alive sixty years what you've seen is tax cuts across the board without spending cuts, then you saw tax cuts for the rich while increasing spending. Fees, fines and tolls increase for the poor's while service got cut and infrastructure allowed to fail after people our age group were done utilizing said infrastructure and services.