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Automatic TRANSCRIPT

I think Elizabeth Warren is pandering a a little bit here. I mean you're talking on the helicopter money money more than real fear I think it addresses a real fear people have of and I think there's actually a pretty good case for directing more of the benefits of government policy at at people who are the neediest. I I mean she will. I think she will get a pretty good pretty good traction with ideas like this anybody else among the candidates the presidential candidates out with their own plans or plan similar to like this no she did this she she is very clever about all of these plans she has because she can saito almost any constituency. Oh I thought about that problem and here's some going to help you and she's helping with real money. She's not helping you with pilot programs uh-huh and little small ball types of things now of course the flip side of this is what she proposes is really expensive. I mean right and I it is unclear to me. I mean when you look at polls. Voters generally do say sure I'm fine with raising taxes on the wealthy but I think in reality reality it it depends and if we if if let's say Elizabeth Warren became president and she I'm not sure how many of her proposals could pass Congress and that of course I would depend on the makeup of God. That's right whether that whether it was a democratic Senate but just how many tax increases would would congress actually actually law. How many tax increases will the wealthy take before they either start moving their businesses elsewhere. We're start moving out of the country yeah yeah that's a that's a good question and as we've discussed on other podcasts in addition to raising the payroll tax on people who were in two hundred and fifty thousand thousand dollars or more you know she also wants to have this wealth tax on people with wealth above fifty million dollars I think she has discussed discussed a financial transactions tax which is a Bernie Sanders idea as Bernie Sanders would pay for a lot of things so that's what sounds like a small tax on every financial transaction transaction in markets so that you buy a stock you sell a stock well. There's a little vague that goes with that and it and it goes to the government that used to fund some program. The financial financial industry is dead set against anything like that and then another thing that Elizabeth Warren would do as part of her social security program is in addition to the new payroll tax. There would also be a new tax x also of fourteen point eight percent on the investment income of everybody who makes two hundred and fifty thousand dollars or more so that that sounds like a double tax to me. It does to a lot of other people as well. Also I mean this is one of the arguments about investing capital gains so that you know like when when you if you make money not it's not clear me whether that would apply to the sale of a house which is important sorts type of capital game it may not but when she says investment income you know if you claim you know if you're selling t.f that you've held for a long time and you make a five thousand dollar profit on it you're. GonNa pay a capital gains tax on that in their rates depending on whether it's a short term our long-term holding but then she would put another tax of fourteen point eight point eight percent on top of not so the trick with all these kinds of taxes is majority people are not wealthy obviously and I think that above two hundred and fifty thousand dollars that's and that's for an individual be the threshold would be for the investment confer couple. I believe it would be four hundred thousand dollars but allow you know a lot of people are fine with taxing the other guy but then they say but if when is it going to sorta like trickle down onto me and there's this belief that once we sort of okay once it's politically okay to raise taxes on this group while they're going to bring it down to lower and lower levels also until now it's the middle class tax hike and you know once you start talking about taxing me. I don't WanNa pay the I should not have to pay the extra tax the question it always be somebody else we also have low inflation and we know that through the years social security adjustments would at least account for inflation yesterday give you he was sort of a cost of living of living increase every year but low inflation has actually worked against some social security recipients in that way hasn't it well yes. That's so they see the cost of living adjustment which happens every year is meant to keep the payments up with inflation and you know there are different arguments about whether other that index actually works because the index is all inflation but if you're a senior you're probably not buying a lot the TV's and cell phones but you probably are buying you might get up your prescription drugs. Yup and and these are prescription. Krypton drugs is one of those things that has gone way more than the than overall inflation and then you can also get to the question of you know. If you're older you WANNA have your savings in fixed income investments that are safe and pay some interest rates. You're in a little bit lower. Interest rates just lower the rate. your return. You're going to get on in fixed. Income investments of course president trump now wants us to have negative interest rates which means you would or nothing on your investments and you might even have to pay the bank to hold your mold your money honey. We're not there yet but it's an interesting policy prescription so look. I mean it's tough being a senior on a fixed income and you know she's journal address. That millennials seem to be getting it wrong about social security bio search well. I think a lot of them think they can just they don't think social security will be there for them and they you say well. That's okay I can save enough to retire. Even if there is no social security the fact is probably will be social. Security for millennials won't look perhaps perhaps the way it does today but in order to save what you would need what social security would do for you. If you had a save that on your own your earnings would have have to be tremendous for all the years that you are able to work. I'm thinking this through because I'm fifty three and I don't think social security is going to be there for me. I eh one hundred hundred benefits would be there. Some sure something will be there but and you've paid your whole life into it all your whole working working lights my story and I'm sorry you may not get your full benefit. Well you know. Do you ever look at your social security statement. You get you get this from the government like actually do I get it. I think you have to like registered and having accounted which I did at some point. I guess my sales. At least you're gonna cry but I look at the. I can't believe you can laugh where you go right now my mom she is a social security recipient so I'm I guess I'm sort of supporting my mom in a way that's good sign. This is what I read regarding the millennials. It says currently the average social security. Thirty benefit is just under fifteen hundred dollars a month. Is that what you yeah. You said. It's about sixteen seventeen thousand a year okay so we're almost there you save save save four hundred thousand dollars to generate a similar account and that's assuming you use the financial planners four percent rule when recommends taking no more than four percent of the portfolio in the first year of retirement and adjusting for inflation after that that's a heck of a lot of savings it would have to do if social security were not there for them well. The lucky thing about millennials is number one. They're so young. They don't need to think about the future but also they've got a little time. They have a lot of time so time is your friend millennial and I I've said many times I think millennials are going to do just fine and they better because they basically have to save America They have to pay for us to pay for us for our social security for mistakes. Maybe our mistakes and for honestly for the baby boomers you know the baby boomers have just taken everything think for themselves to some extent so the millennials are going to have to fix that but I think you know this is going to be shared sacrifice. It's just going to have to be and the half time and you know this is. This is a problem partly for good reasons. Which is that We're living long. We're living long. You know so I have not figured out like maybe I'll try tried to see if someone will employ me until I'm seventy five or eighty so far what we were going to do but let's not easier employment. INC think I'll buy it all right well. Goodness knows we haven't heard the last of social security and when it's going to be insolvent but we'll be listening and tearing apart part all the different ideas people have about saving. We want to thank everyone for listening to this ballots dollars podcast this week and be sure to follow us on twitter is always. I'm at Alexis. TV News. I'm at Rick J Newman. We'll be back with the brand new episode of ballots dollars next week..