I know a guy that retired from UPS with full benefits, he was a delivery guy. Over the years he had a shoulder problem caused by his job. So.... he is disabled and draws disability from the state of KY along with his UPS benefits. That is nuts!
Against my better judgment, think I will try again on this board to have a discussion not involving the usual boogey men/women.
Any opinions on the Kentucky Pension debacle and/or comprehensive tax reform (which pretty much is a key component to solving the pension problem)?
Play golf with a good guy, just retired as a teacher at age 52, now on the draw for the rest of his life. Brother in law has a law degree, retired from state govt at age 55, now also on the draw . . . see where I am going with this?
As draconian as the consultant's report was, conclusions were largely correct. We cannot continue to pay people in the prime of their career to retire in their early 50s. I also was told by David Adkisson, CEO of the state Chamber of Commerce, that when he was Mayor of Owensboro, their police officers could retire after 20 years. One of his HS classmates retired at age 42!! Guy was not shot, injured on the job or anything, just took retirement. And O'boro is on the hook for the next 40 years for health care and retirement.
Now you can argue the "inviolable contract" until the cows come home, but states, unlike the good old USA, cannot just print money to give to retirees. And although I am 1000% in favor of tax reform in Ky, you also cannot raise the top tax rate to 8 or 9% just to fund the pension deficit, because anyone with money will just relocate to Florida or other states with lower or no income tax. Although Bevin is a bull in a china shop with his personality, he is largely leading in the right direction on both of these issues. (not that our gutless Republican legislators will tackle tax reform anytime soon, just like the previous equally as gutless Democratic legislators, they all have more or less stated they think it would cost them the next election)
People retiring in early 50' s with public pensions needs to stop.
I can see where people took the tradeoff of working in the public sector and took lower income in exchange for benefits such as early retirement.
Yes, the Obama admin was notorious for those, good call.Not to mention the fake jobs report.
What you are saying here is what is hurting many countries in Europe and a few states in this country. It is not sustainable under these conditions.Against my better judgment, think I will try again on this board to have a discussion not involving the usual boogey men/women.
Any opinions on the Kentucky Pension debacle and/or comprehensive tax reform (which pretty much is a key component to solving the pension problem)?
Play golf with a good guy, just retired as a teacher at age 52, now on the draw for the rest of his life. Brother in law has a law degree, retired from state govt at age 55, now also on the draw . . . see where I am going with this?
As draconian as the consultant's report was, conclusions were largely correct. We cannot continue to pay people in the prime of their career to retire in their early 50s. I also was told by David Adkisson, CEO of the state Chamber of Commerce, that when he was Mayor of Owensboro, their police officers could retire after 20 years. One of his HS classmates retired at age 42!! Guy was not shot, injured on the job or anything, just took retirement. And O'boro is on the hook for the next 40 years for health care and retirement.
Now you can argue the "inviolable contract" until the cows come home, but states, unlike the good old USA, cannot just print money to give to retirees. And although I am 1000% in favor of tax reform in Ky, you also cannot raise the top tax rate to 8 or 9% just to fund the pension deficit, because anyone with money will just relocate to Florida or other states with lower or no income tax. Although Bevin is a bull in a china shop with his personality, he is largely leading in the right direction on both of these issues. (not that our gutless Republican legislators will tackle tax reform anytime soon, just like the previous equally as gutless Democratic legislators, they all have more or less stated they think it would cost them the next election)
But it worked out fine in the auto industry.What you are saying here is what is hurting many countries in Europe and a few states in this country. It is not sustainable under these conditions.
I give credit to Bevin for trying to address the issue which had been more than ignored for 50 years, but covered up to use the money to payoff whomever with projects.Against my better judgment, think I will try again on this board to have a discussion not involving the usual boogey men/women.
Any opinions on the Kentucky Pension debacle and/or comprehensive tax reform (which pretty much is a key component to solving the pension problem)?
Play golf with a good guy, just retired as a teacher at age 52, now on the draw for the rest of his life. Brother in law has a law degree, retired from state govt at age 55, now also on the draw . . . see where I am going with this?
As draconian as the consultant's report was, conclusions were largely correct. We cannot continue to pay people in the prime of their career to retire in their early 50s. I also was told by David Adkisson, CEO of the state Chamber of Commerce, that when he was Mayor of Owensboro, their police officers could retire after 20 years. One of his HS classmates retired at age 42!! Guy was not shot, injured on the job or anything, just took retirement. And O'boro is on the hook for the next 40 years for health care and retirement.
Now you can argue the "inviolable contract" until the cows come home, but states, unlike the good old USA, cannot just print money to give to retirees. And although I am 1000% in favor of tax reform in Ky, you also cannot raise the top tax rate to 8 or 9% just to fund the pension deficit, because anyone with money will just relocate to Florida or other states with lower or no income tax. Although Bevin is a bull in a china shop with his personality, he is largely leading in the right direction on both of these issues. (not that our gutless Republican legislators will tackle tax reform anytime soon, just like the previous equally as gutless Democratic legislators, they all have more or less stated they think it would cost them the next election)
I think you mean income, not revenue. But what, 10-15 years ago, KY eliminated the Fed income tax deduction.Most of us know that Ky exempts over 50% of all tax revenue due to various loopholes. .
That's a problem with a lot of voters: Voting for who sounds nice over what the best plans are regardless of personality.I didn't back Bevin, think he is a weirdo, but give him huge credit for trying.
Blame the past legislators & governors who did this & only the current ones if they don't do something towards correcting it. I mean there are new sheriffs in town. OK, now show your guts.I can see where people took the tradeoff of working in the public sector and took lower income in exchange for benefits such as early retirement. It's not the fault of the workers, don't blame anyone taking early retirement. Blame the gutless lawmakers who have kicked the can down the road and put us in this mess. Now, all the options are drastic, a lot of hard decisions and no easy answers. Somebody is going to have to bear the financial burden.
Fake news...wow, he spoke at the rally. Meanwhile, you provide shade for the countless GOP shills for the white nationalists and Nazi sympathizers.
Fake news...wow, he spoke at the rally. Meanwhile, you provide shade for the countless GOP shills for the white nationalists and Nazi sympathizers.
Please define nationalist and why it is bad.Fake news...wow, he spoke at the rally. Meanwhile, you provide shade for the countless GOP shills for the white nationalists and Nazi sympathizers.
1) I'd raise sales tax 1%. Matt Jones railed on how this hurts the poorest as it's regressive. I find that bs.
Please show me a single post where I did that, you POS.Fake news...wow, he spoke at the rally. Meanwhile, you provide shade for the countless GOP shills for the white nationalists and Nazi sympathizers.
Third world country people are just as proud of their heritage and are nationalist as are just about every person in every country of the world. It is easy to see when you go to these countries. It is only the misinformed and uneducated left in this country who are trying to destroy the pride of being an American.I'm a proud nationalist. I don't give a damn about the third world and I'm 100 percent against immigration from the third world that can't contribute anything and won't adapt to western civilization.
America nor Europe are better off with Muslim/third world immigration. They do not benefit us at all. They benefit Dem politicians for votes cause the third world loves big government and it benefits those who want cheap labor.
The globalist people always amaze me. You think Japan falls for this crap? No, they don't. Why? They protect their people and their culture. They didnt become a big bowl of crap where they allow in the third word and then change Japanese culture to not offend these visitors.
It would be like you working to take care of your family and your house and then a group of strangers comes in, takes your money and tells you how to run things in your house.
It is not as I showed above.It is regressive, strictly speaking, in that it effects a larger percentage of the poors overall wealth.
But tough problems require tough solutions. And the outcome would have a much greater financial impact on those that consume the most.
Its not a perfect solution. But its the best we have
It is not as I showed above.
What do the poor pay sales taxes on that amount to anything? They can't afford cars that cost anything & their basics - rent, food, fuel, utilities - are sales tax-free. Person that affords a $30K car pays $1800 in sales tax. Poor don't pay that in 5 years on $20K income. Sure if they choose to buy a lot of booze & cigs they pay more sales tax, but I'm not worried at all if that's what it is.
So a business finances an apartment building and can deduct the interest payments as a business expense and rent to me, but I can't deduct my interest expense if I buy a building and live in it myself?
Businesses can write off hotels, restaurants, cab rides, you name it. So why not extend that to everybody?
Fuel is not tax free, tax is already included. Depending on where you live, food, utilities and just about every thing else have taxes on it. Look at your cell phone bill, water bill, electric bill etc... they all have a tax added on to the bill. Most states have a sales tax on food and just about everything else. What are you talking about here, or what state?It is not as I showed above.
What do the poor pay sales taxes on that amount to anything? They can't afford cars that cost anything & their basics - rent, food, fuel, utilities - are sales tax-free. Person that affords a $30K car pays $1800 in sales tax. Poor don't pay that in 5 years on $20K income. Sure if they choose to buy a lot of booze & cigs they pay more sales tax, but I'm not worried at all if that's what it is.
If you are under 50 (possibly older) and are expecting to survive off SS when you get old you are in for some rough Golden Years. Take a hard look at the average retirement savings Americans have and then look at how the SS fund has been stolen from by Congress for years and it's not real hard to understand the day of reckoning for a lot of folks is coming. Get Dems back into power when that day comes and there is no doubt they will tax the hell out of those who actually saved their money a lot more to pay for the entitlements just like the state of KY and others are going to tax more to pay for these pensions.This pension debacle is a little preview for whats to come with social security in a few years.
This is just a drop in the bucket.
I can give you examples of state workers retiring in the early fifties and then hired back as a contractors at the same level salary because the systems they managed were so antiquated (and they were in charge of and failed to update to newer/better technologies) that they could not find anyone to manage them.
LLC's should consider electing to be taxed as S Corp's. But you're correct, Cosby. The IRC is fvcked up beyond repair.I'm not here to rationalize the income tax or inconsistencies under the current IRC.
Why is S Corporation income not subject to SE tax but Partnership/LLC income is for individuals?
The answer to all those questions is - because politicians write the tax laws.