Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Personal Finance and Investing

bucolic_frolic

(47,639 posts)

18. No, that's not ridiculous. There are a lot of laws on the books and regulations

Reply to Marthe48 (Original post)

Sat Nov 30, 2024, 05:58 PM

Nov 30

that could make things hairy. Things that were floated in the Great Recession, like goverment regulation of SD boxes, outlawing cash, taxing bank deposits just for being held in a bank. But these are extreme measures and would create a backlash.

Will they try to reduce SS? Like maybe 15%? That's not beyond the realm of possibility, but again, the backlash.

More likely they will raise income tax rates and force everything to be taxable income.

Think of it as a wealth tax - on everyone at the bottom. So the wealthy can get their tax cuts.

Edit history

Please sign in to view edit histories.

Recommendations

1 members have recommended this reply (displayed in chronological order):

Marthe48

23 replies

= new reply since forum marked as read

Highlight:

Anxiety about retirement income, savings [View all] Marthe48 Nov 30 OP

YES! XanaDUer2 Nov 30 #1

I think there would be blood in the streets. multigraincracker Nov 30 #2

A parasite can't survive if its host dies. Ocelot II Nov 30 #3

Won't happen in January, will take longer IF We the People allow it to do so. elleng Nov 30 #4

Pretty much same fear thinkingagain Nov 30 #5

I don't think they will touch SS or Medicare for those already getting it. SSI and Medicaid doc03 Nov 30 #6

I'm 5 years from retirement. CousinIT Nov 30 #15

I a little further awat... 8-9 years.... Happy Hoosier Dec 3 #19

Talk w/ a financial advisor (a fiduciary if possible) CousinIT Dec 3 #21

That's good advice Happy Hoosier Dec 3 #22

their demolition 2025 mentions privatizing pensions Marthe48 Nov 30 #16

at 72 i need a job rampartd Nov 30 #7

Me, too! My husband says it won't happen but Peregrine Took Nov 30 #8

Not going to happen especially end of January! jimfields33 Nov 30 #9

I was holding out getting social security until I was 70 and I got a year and half to go kimbutgar Nov 30 #10

No, you're not. That said, I think what we'll see is a huge grift... Joinfortmill Nov 30 #11

Corporate America and GOPers are not going to cancel SS for almost 70 million people, roughly half Repubs. Silent Type Nov 30 #12

I'm worried that they will find a way to blame it on Democrats. Happy Hoosier Dec 3 #20

At the very least, it will not happen in January Lulu KC Nov 30 #13

YES. I moved some of my retirement money out of the fucking gambling casino - er... CousinIT Nov 30 #14

The scenario you describe isn't going to happen Fiendish Thingy Nov 30 #17

No, that's not ridiculous. There are a lot of laws on the books and regulations bucolic_frolic Nov 30 #18

I am 76 years old, and for at least fifty of them PoindexterOglethorpe Dec 5 #23