Posted by taxguru on July 19, 2012
IRS Data Shows That Businesses Will Bear Brunt of Obama’s Tax Hike – Part of his War on Capitalism. As usual, he will blame capitalism itself for businesses reacting to his tax hikes by cutting back on employees and investment in assets as they struggle to survive.
Why You Should Plan on Working to Age 70 – This appears to be part of a current propaganda campaign by the Social Security Administration to encourage people to hold off claiming their retirement benefits as a last ditch effort to delay the SS system’s inevitable bankruptcy. They promise larger monthly checks if you will delay taking payments, with the hope that plenty of people will die off before taking dollar one because unclaimed benefits revert to our rulers in DC.
|From Blog Pix|
My advice to clients, friends and family members is still to claim SS benefits as soon as legally possible, which is usually at age 62. When the system goes belly up, they will almost certainly allow current recipients to continue to be paid, while freezing out or drastically reducing the benefits for everyone else who have not yet become accustomed to the SS income.
Means Testing, where benefits will be denied to anyone earning over a certain amount or having more than a nominal net worth (aka the Evil Rich), is also a certainty in the near future. Our rulers in DC have absolutely no qualms about reneging on the promises that have been made to people to entice them to pay thousands of dollars into the SS system each year for several decades. Again, any private market retirement plan that would breach the payout part of its contract with investors would find its managers sued up the wahzoo and sent to prison for fraud. No such repercussions await our imperial elected officials in DC who have orchestrated and looted this monumental Ponzi scheme.
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