Yellow | Anyone checked out this stuff?
- Thread starter truckinus
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It is a tragedy that promised benefits have become a political "football". There will be no resolution that does not involve hardships, some severe, on many participants. This is an issue the SHOULD transcend political ideology, but that is not the case. A modest increase in the tax rate of the top 1%, could be used to fund those plans that are in imminent danger of insolvency. Those "1%" have benefitted greatly through the efforts of labor.
realityofitall
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lets try this plan. conduct a full and complete audit on all the teamsters pension plans that are critical or slightly above critical and find out why they are so bad. The stock market up until the last 2 months has been on a record tear for nearly 10 years. Stop giving money to the corrupt union thugs that took the money and start returning it to the men and women who need it and earned it.
You don't think this MIGHT be a significant factor?? Too many retirees, and not enough contributing workers.
"In 1980 the Central States plan had just one retiree or former worker for every four participants still working. In 2014 that ratio was reversed, according to the Center for Retirement Research at Boston College, with about five retirees or former workers for every one still working."
http://www.startribune.com/schafer-why-the-central-states-pension-fund-is-doomed-to-fail/381592571/
realityofitall
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right along with 30 and out guys that are sub 50 collecting longer than they worked but again no one has an accounting of where the money went. the stock market has done gang busters like no other time in its history. billions of dollars and yet its broke. tax payers shouldn't subsidize private pensions or meps either.
If you’re outgoing is greater than incoming (including return on investments) it doesn’t matter how much you make on stock market.
This is why government is in deep s.....t they spend more than they bring in.
Pretty simple math.
Everyone should have started 401k when they had chance.
Very heartening to see that someone was paying attention when mathematics was being taught! Evidently not everyone was!
Section 301 is largely talking about "pooled plans" which are not multiple employer plans, according to language in the bill.
Talk about politics! Always tax increases on others
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The IRS forced 30 and out. They needed to get their piece of the pie, and overfunded plans didnt pay taxes.
I really don't think there would be any hardship inflicted on the Kochs or the Waltons, if they paid a little more in taxes.
FYI...
"In contrast, the top 1 percent of all taxpayers (taxpayers with AGIs of $465,626 and above) earned 20.58 percent of all AGI in 2014, but paid 39.48 percent of all federal income taxes. In 2014, the top 1 percent of taxpayers accounted for more income taxes paid than the bottom 90 percent combined."
https://taxfoundation.org/summary-latest-federal-income-tax-data-2016-update/
"Top 20% of Americans Will Pay 87% of Income Tax
Households with $150,000 or more in income make up 52% of total income nationally but pay large portion of total taxes
One of the least discussed parts of America’s income tax is how progressive it is, and the tax overhaul didn’t change that fact. In 2018, top earners will pay a higher share of income taxes"
https://www.wsj.com/articles/top-20-of-americans-will-pay-87-of-income-tax-1523007001
Correct, and that is why the government needs to step up and fix the problem they created. The rank and file didn't create this situation but we sure as hell are going to pay for it!
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Can't lay all the blame on the government. Some funds chose to issue 13th checks to retirees, which was a temporary way to decrease overfunding. 30 and out was a stupid fix, it locked them in permanently. That's on the trustees.
Why all the jealousy?
We pay at least 70 foreign nations a ton of money in aid. Many of them try to kill us or our citizens. Cut 10% from the Foreign Aid Budget and it more than pays the $3 Billion Congress appears about to spend on the PBGC
Progressive Tax comes straight out of the Tenets of Communism.
The trustees of the funds were told to give back money to the membership because they were overfunded. They believed money was going to disappear and they told the trustees of the funds to do something about overfunding. If the government didn't get involved because they believed "bad people" were milking the funds maybe we would be in a little better shape than we are now. We didn't invest pension money into risky dealings, Goldman Sacks did with the help from the government. I know we have way more people collecting pensions now then working and it isn't going to get better, but the overfunding situation really did hurt us.
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The IRS wanted that money taxable, shouldn't have happened, but it did. Then the trustees did stupid stuff like 30 and out, putting them on the hook for 40-50 years for a 50 year old that retired.
You guys are stepping on my toes, besides if I donated all that money back to CS, I couldn't live my lavish lifestyle.
