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Just some thoughts.

 

Social Security isn't an entitlement - it's something you've paid for throughout your working life. It's more of a benefit - kind of like a 401K for being a US citizen.

I believe the biggest hit to the Medicaid issue actually started with the Affordable Health Care Act - 

 

and finally - so what if they impeach 45 - it didn't seem to hurt 42 much....

 

 

 

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6 hours ago, tankdude said:

Just some thoughts.

 

Social Security isn't an entitlement - it's something you've paid for throughout your working life. It's more of a benefit - kind of like a 401K for being a US citizen.

I believe the biggest hit to the Medicaid issue actually started with the Affordable Health Care Act - 

 

and finally - so what if they impeach 45 - it didn't seem to hurt 42 much....

 

 

 

On point sir!

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23 hours ago, bostonangler said:

 

I didn't know all seniors are wealthy... I guess if you are wealthy you don't need help and should give up your benefits... That would help America and it debt. Why would wealthy people want social security and medicare?

 

B/A

 

What gives you the right, to tell someone to give up their earned medical benefits?

 

You’re an absolute

IGNORANT IMBECILE....

 

IMO; You crossed the line in this forum....

 

Edited by gregp
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53 minutes ago, gregp said:

 

What gives you the right, to tell someone to give up their earned medical benefits?

 

You’re an absolute

IGNORANT IMBECILE....

 

IMO; You crossed the line in this forum....

 

 

I didn't say people have to give up anything. I said they should give up the benefits if they don't need them... Is Trump an "IGNORANT IMBECILE"  for not taking a paycheck as president? According to your post his is an idiot. He said he doesn't need the money because he doesn't need it. Everyone seemed cool with him helping the system. There are many people who don't need it, which could help the system... Just basic economics... Any person with a 6th grade education could understand that basic math... Just like our president understands, don't take the money if you don't need it. JMHO

 

B/A

Edited by bostonangler
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Here is an idea you might like. Let's use Bill Gates as an example. Bill has billions and does not need his benefits. Suppose for easy math we say he receives $12,000 per year in Social Security. If he decided he didn't want to take it, he could elect not to use his benefit and would be given a tax credit of 20%. So instead of taking $12,000 he doesn't need, he would receive a $2,400 tax credit. Now that incentive would allow wealthy people the choice of not taking tax dollars they don't need and give them a credit for being a true patriot. It would be a win win. JMHO

 

B/A

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1 hour ago, bostonangler said:

 

I didn't say people have to give up anything. I said they should give up the benefits if they don't need them... Is Trump an "IGNORANT IMBECILE"  for not taking a paycheck as president? According to your post his is an idiot. He said he doesn't need the money because he doesn't need it. Everyone seemed cool with him helping the system. There are many people who don't need it, which could help the system... Just basic economics... Any person with a 6th grade education could understand that basic math... Just like our president understands, don't take the money if you don't need it. JMHO

 

B/A

My husband and I have never had a great amount of money so yes we receive all of our retired benefits but it just happens that Roger has a rich uncle, retired teacher from West Point and Born with a silver spoon and he does not accept his social security... He says that his patriotic duty is to give back altho he is entitled to every nickel...  I have heard of many well to do and blessed abundantly give it up.  I think most of us wish that we too had that option...unfortunately most of have to have it to survive the ever rising cost of living.  I just don't find it shocking that there are many that can and do give these things up for the betterment of our country.  Wish we all could!

barb

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1 hour ago, learning all i can said:

My husband and I have never had a great amount of money so yes we receive all of our retired benefits but it just happens that Roger has a rich uncle, retired teacher from West Point and Born with a silver spoon and he does not accept his social security... He says that his patriotic duty is to give back altho he is entitled to every nickel...  I have heard of many well to do and blessed abundantly give it up.  I think most of us wish that we too had that option...unfortunately most of have to have it to survive the ever rising cost of living.  I just don't find it shocking that there are many that can and do give these things up for the betterment of our country.  Wish we all could!

barb

 

Thanks barb, I agree. I would also give it up if I were in a position to do so... Hopefully we all will have that option.... GO RV!!!

 

B/A

Edited by bostonangler
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3 hours ago, bostonangler said:

Here is an idea you might like. Let's use Bill Gates as an example. Bill has billions and does not need his benefits. Suppose for easy math we say he receives $12,000 per year in Social Security. If he decided he didn't want to take it, he could elect not to use his benefit and would be given a tax credit of 20%. So instead of taking $12,000 he doesn't need, he would receive a $2,400 tax credit. Now that incentive would allow wealthy people the choice of not taking tax dollars they don't need and give them a credit for being a true patriot. It would be a win win. JMHO

 

B/A

 So let's look at the net/net on this..... And let's also realize that many of these wealthy people worked very hard to be Wealthy.... They worked hard and paid their taxes..... They employed others..... And that help to stimulate the economy.... So these people became wealthy because they were smart too....... They paid money into the system all their lives...... But now they should just give away what they earned for a lesser tax credit..... Which is basically supporting a government that is wasteful and Carrie's $ 21 trillion dollars of debt....going backward fast.... Sounds like the thinking a very leaning left liberal....take from the rich...give to the poor......JMO.....CL

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24 minutes ago, coorslite21 said:

 So let's look at the net/net on this..... And let's also realize that many of these wealthy people worked very hard to be Wealthy.... They worked hard and paid their taxes..... They employed others..... And that help to stimulate the economy.... So these people became wealthy because they were smart too....... They paid money into the system all their lives...... But now they should just give away what they earned for a lesser tax credit..... Which is basically supporting a government that is wasteful and Carrie's $ 21 trillion dollars of debt....going backward fast.... Sounds like the thinking a very leaning left liberal....take from the rich...give to the poor......JMO.....CL

 

Whoa, CL....now you choose to use the National Debt as an argument...the same National Debt that you said is unsustainable and doesn't really matter because it's destined to collapsr anyway?  That's not like you.

 

GO RV, then BV

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29 minutes ago, coorslite21 said:

 So let's look at the net/net on this..... And let's also realize that many of these wealthy people worked very hard to be Wealthy.... They worked hard and paid their taxes..... They employed others..... And that help to stimulate the economy.... So these people became wealthy because they were smart too....... They paid money into the system all their lives...... But now they should just give away what they earned for a lesser tax credit..... Which is basically supporting a government that is wasteful and Carrie's $ 21 trillion dollars of debt....going backward fast.... Sounds like the thinking a very leaning left liberal....take from the rich...give to the poor......JMO.....CL

 

How much money does someone like a Bill Gates (I just use him as an example)? Does greed figure into the equation? Is everyone in your family financial independent and can afford the retirement or medical insurance? My folks who are in their 80's both worked their entire lives and contributed as you and many others have stated. Even with their pensions and savings they still need their benefits to pay for their health insurance not covered by Medicare which is over $600 per month. Their neighbor who owned 3 car dealerships and is worth several millions of dollars has more money than he can spend, but takes his benefits because he says screw 'em… Personally I don't want to be that guy. I don't want simple greed to rule me. If we are so lucky as to have a RV occur and I end up with several million, I promise I won't be that sad person.

 

B/A

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1 hour ago, Shabibilicious said:

 

Whoa, CL....now you choose to use the National Debt as an argument...the same National Debt that you said is unsustainable and doesn't really matter because it's destined to collapsr anyway?  That's not like you.

 

GO RV, then BV

 Whoaa Shabs...... It's 5 o'clock somewhere...... And on this Fabulous Friday you must have been into the BV early.... I stated...... Why would anyone want to give their hard earned Money away to the government when the government just blows it to the tune of a $ 21 trillion dollar debt...... I do everything I can to reduce my tax foot print... ...So I try to avoid giving them any more than I need to..... Perhaps you missed my point....I'm not in favor of giving the Gov't anymore than necessary..... On the other hand I know in old boy who donates his social security check to a homeless shelter of his choice..... In my mind  that is a much more worthy cause....!

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1 hour ago, bostonangler said:

 

How much money does someone like a Bill Gates (I just use him as an example)? Does greed figure into the equation? Is everyone in your family financial independent and can afford the retirement or medical insurance? My folks who are in their 80's both worked their entire lives and contributed as you and many others have stated. Even with their pensions and savings they still need their benefits to pay for their health insurance not covered by Medicare which is over $600 per month. Their neighbor who owned 3 car dealerships and is worth several millions of dollars has more money than he can spend, but takes his benefits because he says screw 'em… Personally I don't want to be that guy. I don't want simple greed to rule me. If we are so lucky as to have a RV occur and I end up with several million, I promise I won't be that sad person.

 

B/A

 I think you have a "thing" for Bill Gates....!

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So who are these "rich" people........looks like Shabs and B/A are in the mix......if they make over $32,000 a year.......be sure you send that SS check to a worthy cause.....( and on a serious note....how blessed to be an American!)

 

 
 
 
 

Are You in the Top One Percent of the World?

By Daniel Kurt | Updated August 22, 2018 — 6:00 AM EDT
thinkstockphotos-83402138.jpg?quality=80

The growth of income inequality has long been a hot topic around the globe, but it wasn't until the “Occupy” movement that the amount of wealth concentrated in the top 1% of society received so much attention.

Indeed, it's an incredibly powerful club. According to Oxfam, a leading poverty-fighting organization, eight men own as much wealth as the 3.6 billion people who make up the poorest in the world, and one in ten people survive on less than $2 per day. Still, the top 1% consists of a lot more than just eight people.

This raises an interesting question: who exactly are the 1%? The surprising answer: if you’re an American, you don’t have to even be close to being uber-rich to make the list.

Ranking by Income

According to the Global Rich List, a website that brings awareness to worldwide income disparities, an income of $32,400 a year will allow you to make the cut. $32,400 amounts to roughly:

  • 30,250 Euros
  • 2 million Indian rupees, or
  • 223,000 Chinese yuan

So if you’re an accountant, a registered nurse or even an elementary school teacher, congratulations. The average wage for any of these careers falls well within the top 1% worldwide. 

Figure 1. The percentage of global wealth owned by the top 1% surpassed 50% as of 2016. 

share_of_global_wealth.jpgSource: Oxfam 

Ranking by Wealth

The threshold is significantly higher if you look at the top percentile by wealth instead of income. To reach that status, you’d have to possess $770,000 in net worth, which includes everything from the equity in your home to the value of your investments. That’s equal to roughly: 

  • 720,000 Euros
  • 49.8 million Indian rupees or
  • 5.3 million Chinese yuan

Americans rank extremely high in terms of household wages – sixth worldwide, according to a 2013 Gallup survey – but not as high when it comes to median wealth. In fact, the 2017 Credit Suisse Wealth Report ranks the U.S. just 26th by this measure. 

There are a number of reasons for this disparity. One is that U.S. consumers tend to rely on credit more than their counterparts in, say, Europe. Credit card debt diminishes net wealth. The typical U.S. household carries a whopping $134,643 in debt, according to the most recent Census Bureau data. 

Even so, many middle-class Americans who have spent years paying down their mortgages and saving for retirement belong to the upper echelon of the world's wealthy.

Pervasiveness of Poverty

The bar to enter the top 1% wouldn't be this low were it not for the extreme poverty that so much of the globe endures. For example, an adult in India has a median wealth of $608 in total wealth, according to a report by Credit Suisse. The average wealth of adults in Africa is even lower at just $411. 

Compare that to the wealth of $49,460 for the average adult living in North America and $11,319 for Europeans. Now, the median wealth represents what most people have, the average will be much higher especially in countries where assets are so skewed toward the ultra-rich, like the United States. The average wealth of the U.S. wealthy is $344,692 per adult  – this shows how much the few on top have, not just in the U.S., but globally.

Making 1% Ranks in U.S.

Who constitutes the 1% if you just look at the U.S.? Not surprisingly, it takes a massively higher income to crack the top percentile of wage earners: you’d have to make $450,000 in adjusted gross income (AGI) to make the cut.

And to rank among the highest 1% of Americans by wealth? That requires net assets of more than $7 million, based on the latest Federal Reserve figures.

The Bottom Line

The term “top 1%” of global income may sound like an exclusive club, but it’s one to which millions of Americans belong. It’s a reminder of just how prosperous developed countries are compared to the vast majority of other people who share our planet.

 
 
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  1. What country has the wealthiest overall population?

    Find out which country has the wealthiest overall population based on per capita income. Discover how this wealth was created ... Read Answer >>
 
 
logo_dark_new.png

 

 

 

 

activity;xsp=197334;ord=5071174293985.801?

Read more: Are You in the Top One Percent of the World? | Investopedia https://www.investopedia.com/articles/personal-finance/050615/are-you-top-one-percent-world.asp#ixzz5P7IPazcE 
 

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38 minutes ago, coorslite21 said:

So who are these "rich" people........looks like Shabs and B/A are in the mix......if they make over $32,000 a year.......be sure you send that SS check to a worthy cause.....( and on a serious note....how blessed to be an American!)

 

 
 
 
 

Are You in the Top One Percent of the World?

By Daniel Kurt | Updated August 22, 2018 — 6:00 AM EDT
thinkstockphotos-83402138.jpg?quality=80

The growth of income inequality has long been a hot topic around the globe, but it wasn't until the “Occupy” movement that the amount of wealth concentrated in the top 1% of society received so much attention.

Indeed, it's an incredibly powerful club. According to Oxfam, a leading poverty-fighting organization, eight men own as much wealth as the 3.6 billion people who make up the poorest in the world, and one in ten people survive on less than $2 per day. Still, the top 1% consists of a lot more than just eight people.

This raises an interesting question: who exactly are the 1%? The surprising answer: if you’re an American, you don’t have to even be close to being uber-rich to make the list.

Ranking by Income

According to the Global Rich List, a website that brings awareness to worldwide income disparities, an income of $32,400 a year will allow you to make the cut. $32,400 amounts to roughly:

  • 30,250 Euros
  • 2 million Indian rupees, or
  • 223,000 Chinese yuan

So if you’re an accountant, a registered nurse or even an elementary school teacher, congratulations. The average wage for any of these careers falls well within the top 1% worldwide. 

Figure 1. The percentage of global wealth owned by the top 1% surpassed 50% as of 2016. 

share_of_global_wealth.jpgSource: Oxfam 

Ranking by Wealth

The threshold is significantly higher if you look at the top percentile by wealth instead of income. To reach that status, you’d have to possess $770,000 in net worth, which includes everything from the equity in your home to the value of your investments. That’s equal to roughly: 

  • 720,000 Euros
  • 49.8 million Indian rupees or
  • 5.3 million Chinese yuan

Americans rank extremely high in terms of household wages – sixth worldwide, according to a 2013 Gallup survey – but not as high when it comes to median wealth. In fact, the 2017 Credit Suisse Wealth Report ranks the U.S. just 26th by this measure. 

There are a number of reasons for this disparity. One is that U.S. consumers tend to rely on credit more than their counterparts in, say, Europe. Credit card debt diminishes net wealth. The typical U.S. household carries a whopping $134,643 in debt, according to the most recent Census Bureau data. 

Even so, many middle-class Americans who have spent years paying down their mortgages and saving for retirement belong to the upper echelon of the world's wealthy.

Pervasiveness of Poverty

The bar to enter the top 1% wouldn't be this low were it not for the extreme poverty that so much of the globe endures. For example, an adult in India has a median wealth of $608 in total wealth, according to a report by Credit Suisse. The average wealth of adults in Africa is even lower at just $411. 

Compare that to the wealth of $49,460 for the average adult living in North America and $11,319 for Europeans. Now, the median wealth represents what most people have, the average will be much higher especially in countries where assets are so skewed toward the ultra-rich, like the United States. The average wealth of the U.S. wealthy is $344,692 per adult  – this shows how much the few on top have, not just in the U.S., but globally.

Making 1% Ranks in U.S.

Who constitutes the 1% if you just look at the U.S.? Not surprisingly, it takes a massively higher income to crack the top percentile of wage earners: you’d have to make $450,000 in adjusted gross income (AGI) to make the cut.

And to rank among the highest 1% of Americans by wealth? That requires net assets of more than $7 million, based on the latest Federal Reserve figures.

The Bottom Line

The term “top 1%” of global income may sound like an exclusive club, but it’s one to which millions of Americans belong. It’s a reminder of just how prosperous developed countries are compared to the vast majority of other people who share our planet.

 
 
Compare Popular Online Brokers
Advertiser Disclosure
 
RELATED FAQS
  1. What country has the wealthiest overall population?

    Find out which country has the wealthiest overall population based on per capita income. Discover how this wealth was created ... Read Answer >>
 
 
logo_dark_new.png

 

 

 

 

activity;xsp=197334;ord=5071174293985.801?

Read more: Are You in the Top One Percent of the World? | Investopedia https://www.investopedia.com/articles/personal-finance/050615/are-you-top-one-percent-world.asp#ixzz5P7IPazcE 
 

 

See, this is where my political status confuses everybody.  I have always claimed to be a fence sitter and believe it or not, it's still pretty close to who I am.  There is no doubt I'm a never Trump guy, but that is not because he's a Republican...its because i genuinely like people and he clearly doesn't care for anybody but himself.  That said, I think SS is a farce, a magical fix all from a by-gone day that was destined to fail.  Of course when it was first started, tbtb had no idea in the future we would be living longer and the population would explode, though they should have known.  It grinds me to think my forced contribution to SS is being used to support thousands, if not millions, of people who barely worked long enough to qualify for benefits....and the chances of me sharing in those same benefits which I indeed have paid for may not be around when its my turn.  So there you have the Shabs rant and my fence argument....if Trump were a Democrat with his same disdain for people unlike himself, I would be just as critical.  

 

GO RV, then BV

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2 hours ago, bostonangler said:

 

How much money does someone like a Bill Gates (I just use him as an example)? Does greed figure into the equation? Is everyone in your family financial independent and can afford the retirement or medical insurance? My folks who are in their 80's both worked their entire lives and contributed as you and many others have stated. Even with their pensions and savings they still need their benefits to pay for their health insurance not covered by Medicare which is over $600 per month. Their neighbor who owned 3 car dealerships and is worth several millions of dollars has more money than he can spend, but takes his benefits because he says screw 'em… Personally I don't want to be that guy. I don't want simple greed to rule me. If we are so lucky as to have a RV occur and I end up with several million, I promise I won't be that sad person.

 

B/A

Wealthy doesn't always equate to greed. If I've worked hard & even if I didn't and I got millions......whose fault is it?  It's my money and just because some don't have as much, doesn't mean I should have to pay more (taxes). I don't go to my neighbors and check on their financial situation or vice versa. I'm responsible for my own destiny, if by the time I retire and I don't have enough to sustain....whose problem/fault is that...my neighbors?  I agree with what someone said above.....give me what I've put in + plus interest and I'm cool.....let me invest MY money 

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21 hours ago, tankdude said:

Just some thoughts.

 

Social Security isn't an entitlement - it's something you've paid for throughout your working life. It's more of a benefit - kind of like a 401K for being a US citizen.

I believe the biggest hit to the Medicaid issue actually started with the Affordable Health Care Act - 

 

and finally - so what if they impeach 45 - it didn't seem to hurt 42 much....

 

 

 

:twothumbs:

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