As the GOP eyes Social Security cuts, people should realize that our government spends nearly 4X as much on tax breaks for private retirement savings that disproportionately benefit the rich. Latest cost estimate: $2.5 TRILLION over 5 years. (2023-27). Both parties are responsible for this. - ThreadSky

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michaelmechanic.bsky.social • 5 days ago

As the GOP eyes Social Security cuts, people should realize that our government spends nearly 4X as much on tax breaks for private retirement savings that disproportionately benefit the rich. Latest cost estimate: $2.5 TRILLION over 5 years. (2023-27). Both parties are responsible for this.

Comments

ptolohead2131.bsky.social•4 days ago

Resistance to a proposed capping at 4 million suggests just how out of reach most of these funds are!

squeek-king.bsky.social•5 days ago

Social Security has nothing to do with the debt. It's its own separate fund.

michaelmechanic.bsky.social•5 days ago

Well, there is a deficit as the population ages. It's about $110 billion a year, and that's a budgetary cost. It's not peanuts, but we could probably make up for it by capping the size of tax free private retirement accounts

squeek-king.bsky.social•5 days ago

We need to tax Elon to shore up any deficit. But by law, Social Security is not part of the deficit. They just want to privatize it.

johnasilva.bsky.social•5 days ago

Man, they cannot run or hide from us all. A new kind of Purge; only the rich are targets. At less than 1%, they are extremely outnumbered. Make them eat cake—or shit.

hpsc24.bsky.social•5 days ago

dinerlee.bsky.social•5 days ago

This is shocking. I like Obama’s plan to cap the amount that can be placed in tax-deferred IRAs and Roth retirement plans.

michaelmechanic.bsky.social•5 days ago

Me too. But I'd cap it at $2 million

dinerlee.bsky.social•5 days ago

That’s appropriate.

mrxianstovall.bsky.social•5 days ago

$2.5 trillion in tax breaks for the wealthy—4X what we spend on Social Security. And they want to cut Social Security benefits?

michaelmechanic.bsky.social•5 days ago

To be clear, it's not all for the wealthy. But they could cap benefits for people who have plenty of money saved and use that to bolster the savings of lower-income people, or just shore up Social Security. Here are more wealth-friendly tax breaks that need some guardrails.

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