Sign up to save your podcasts
Or
Share Obama’s IRMAA Stealth Tax to Punish Retired Americans.
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
Obama’s IRMAA Stealth Tax to Punish Retired Americans.
Episode 40. January 18, 2020
CLP Topic Category: Democrat Party Socialism
Obama’s IRMAA Stealth Tax to Punish Retired Americans.
Introduction.
Our podcast today expands on Rush Limbaugh’s allegation that Democrats seek to punish success. We provide an analysis of Obama’s 2015 IRMAA stealth tax as an example to support Limbaugh’s allegation.
IRMAA stands for the Social Security income-related monthly adjustment to the social security retirement check of retired citizens. The effect of the tax is to reduce the monthly income retirement check, if the tax payer had a capital gain financial success in the previous 2 years.
The stealth tax punishes retired citizens who take a one-time capital gain on real estate or stocks and bonds. The capital gain is reported by the IRS to the Social Security Administration, without the citizen’s knowledge, or consent, and the gain bumps the citizen into a penalty bracket for earning too much income.
The one-time capital gain event overrides the entire life-time of earnings, used to calculate a citizen’s monthly Social Security retirement check.
In 2018, there were approximately 10 million citizens caught by the IRMAA punishment trap. The IRMAA is equivalent to a 2.2% surtax on income. The revenue from IRMAA flows to the general government coffers, and is not used to offset the social security deficit.
The Democrats use the tax code to punish citizens who do not conform to the socialist correct-think vision of “income fairness.”
Limbaugh stated the income fairness allegation against the Democrats,
“The entire Democrat Party is structured to punish success, or at least make voters think that they are going to punish success. Obama seeks a path that punishes achievement, that punishes success, and he speaks negatively of the country.”
Most observers probably think Limbaugh is talking about the Democrat’s desire to punish rich or wealthy Americans, primarily because of the Democrat’s class war ideology that the rich do not pay a fair share of their income in taxes.
Typical of the Democrat’s anti-rich mantra is the statement by Elizabeth Warren that serves to heighten class hatred between Americans.
Warren deploys the socialist class envy ideology to convince voters that the American economic system is rigged against the average citizen, and that when she is elected, the Democrats will punish the wealthy citizens by taxing them.
Warren stated,
“People feel like the system is rigged against them. And here’s the painful part. They’re right. The system is rigged. Look around. Oil companies guzzle down billions in profits. Billionaires pay lower tax rates than their secretaries. And Wall Street CEOs, the same ones who wrecked our economy and destroyed millions of jobs, still strut around Congress, no shame, demanding favors and acting like we should thank them.”
According to the Democrat mantra, only the Federal government is powerful and righteous enough to overcome the unfair outcomes generated for working-class citizens by the rigged economic system of capitalism.
IRMAA contradicts the “tax-the-rich” mantra by describing how the Democrats inflict punishment on middle class citizens, not just the rich.
The Democrats punish middle class citizens by taking away social security benefits when the socialists deem the behavior of achieving a capital gain success as unacceptable.
Our podcast does not argue about the technical merits of IRMAA, or it’s justification as a method of raising revenue from retired citizens to offset the Social Security unfunded liability.
Rather, we explain the socialist logic that supports why socialists seek to punish success.
The logic of the Democrat socialist ideology of using the power of government to enforce fairness is captured by Obama’s statement, in 2010.
Obama stated,
“I do think at a certain point you’ve made enough money”
We explain that IRMAA is a representation that a one-time capital gain is not fair because the gain means the citizen has made too much
View all episodes
By CLP News Network with Laurie Thomas VassEpisode 40. January 18, 2020
CLP Topic Category: Democrat Party Socialism
Obama’s IRMAA Stealth Tax to Punish Retired Americans.
Introduction.
Our podcast today expands on Rush Limbaugh’s allegation that Democrats seek to punish success. We provide an analysis of Obama’s 2015 IRMAA stealth tax as an example to support Limbaugh’s allegation.
IRMAA stands for the Social Security income-related monthly adjustment to the social security retirement check of retired citizens. The effect of the tax is to reduce the monthly income retirement check, if the tax payer had a capital gain financial success in the previous 2 years.
The stealth tax punishes retired citizens who take a one-time capital gain on real estate or stocks and bonds. The capital gain is reported by the IRS to the Social Security Administration, without the citizen’s knowledge, or consent, and the gain bumps the citizen into a penalty bracket for earning too much income.
The one-time capital gain event overrides the entire life-time of earnings, used to calculate a citizen’s monthly Social Security retirement check.
In 2018, there were approximately 10 million citizens caught by the IRMAA punishment trap. The IRMAA is equivalent to a 2.2% surtax on income. The revenue from IRMAA flows to the general government coffers, and is not used to offset the social security deficit.
The Democrats use the tax code to punish citizens who do not conform to the socialist correct-think vision of “income fairness.”
Limbaugh stated the income fairness allegation against the Democrats,
“The entire Democrat Party is structured to punish success, or at least make voters think that they are going to punish success. Obama seeks a path that punishes achievement, that punishes success, and he speaks negatively of the country.”
Most observers probably think Limbaugh is talking about the Democrat’s desire to punish rich or wealthy Americans, primarily because of the Democrat’s class war ideology that the rich do not pay a fair share of their income in taxes.
Typical of the Democrat’s anti-rich mantra is the statement by Elizabeth Warren that serves to heighten class hatred between Americans.
Warren deploys the socialist class envy ideology to convince voters that the American economic system is rigged against the average citizen, and that when she is elected, the Democrats will punish the wealthy citizens by taxing them.
Warren stated,
“People feel like the system is rigged against them. And here’s the painful part. They’re right. The system is rigged. Look around. Oil companies guzzle down billions in profits. Billionaires pay lower tax rates than their secretaries. And Wall Street CEOs, the same ones who wrecked our economy and destroyed millions of jobs, still strut around Congress, no shame, demanding favors and acting like we should thank them.”
According to the Democrat mantra, only the Federal government is powerful and righteous enough to overcome the unfair outcomes generated for working-class citizens by the rigged economic system of capitalism.
IRMAA contradicts the “tax-the-rich” mantra by describing how the Democrats inflict punishment on middle class citizens, not just the rich.
The Democrats punish middle class citizens by taking away social security benefits when the socialists deem the behavior of achieving a capital gain success as unacceptable.
Our podcast does not argue about the technical merits of IRMAA, or it’s justification as a method of raising revenue from retired citizens to offset the Social Security unfunded liability.
Rather, we explain the socialist logic that supports why socialists seek to punish success.
The logic of the Democrat socialist ideology of using the power of government to enforce fairness is captured by Obama’s statement, in 2010.
Obama stated,
“I do think at a certain point you’ve made enough money”
We explain that IRMAA is a representation that a one-time capital gain is not fair because the gain means the citizen has made too much