Comments on: Tax Refund = Free Loan to Government? http://www.bargaineering.com/articles/tax-refund-free-loan-to-government.html personal finance blog with anecdotes, advice and commentary. Sun, 12 Feb 2012 22:21:00 +0000 hourly 1 By: Herb http://www.bargaineering.com/articles/tax-refund-free-loan-to-government.html/comment-page-1#comment-5357 Herb Wed, 12 Apr 2006 01:17:46 +0000 http://www.bargaineering.com/articles/?p=895#comment-5357 SS isn't a loan, theoretically what you pay now is used to pay current retirees. When you're retired, you're children will be paying to fund you're monthly SS check. The key here is that SS is not an "investment", loan or a retirement account for you or anyone else. From my standpoint, it's meant to help ensure that retired Americans have some basic level of income to ensure they're not destitute in retirement. The problem is that the boomers generation doesn't seem to understand that concept, so they don't save much and are expecting SS will be their 401k. On a related note, did anyone read the article in Kiplingers this month about the changes in Medicaid nursing home care? About the family that had to sell their childhood home to pay for their father to be in a nursing home (boo hoo!)? It's ridiculous that people would think they can hang onto all of their personal assets and at the same time expect the government to pay their living expenses. Of course you should have to liquidate all of your assets before you come asking for the taxpayer's help! It seems people still don't understand the concept that if you want a great social safety net (like Europe), you have to pay a lot in taxes (like Europe). If you don't want to pay more in taxes, then don't come crying to the government when they don't have any money for you SS isn’t a loan, theoretically what you pay now is used to pay current retirees. When you’re retired, you’re children will be paying to fund you’re monthly SS check. The key here is that SS is not an “investment”, loan or a retirement account for you or anyone else. From my standpoint, it’s meant to help ensure that retired Americans have some basic level of income to ensure they’re not destitute in retirement. The problem is that the boomers generation doesn’t seem to understand that concept, so they don’t save much and are expecting SS will be their 401k.

On a related note, did anyone read the article in Kiplingers this month about the changes in Medicaid nursing home care? About the family that had to sell their childhood home to pay for their father to be in a nursing home (boo hoo!)? It’s ridiculous that people would think they can hang onto all of their personal assets and at the same time expect the government to pay their living expenses. Of course you should have to liquidate all of your assets before you come asking for the taxpayer’s help! It seems people still don’t understand the concept that if you want a great social safety net (like Europe), you have to pay a lot in taxes (like Europe). If you don’t want to pay more in taxes, then don’t come crying to the government when they don’t have any money for you

]]> By: Matt http://www.bargaineering.com/articles/tax-refund-free-loan-to-government.html/comment-page-1#comment-5347 Matt Tue, 11 Apr 2006 12:24:31 +0000 http://www.bargaineering.com/articles/?p=895#comment-5347 Yeah, Social Security is a bad loan if you consider it a loan. If you realize that it's not a loan, but rather a scheme for the institutionalization of intergenerational robbery, then you have a realistic picture. I wish there were a way for me to lend less of my money to the government every year (I always get a huge refund because of Schedule C writeoffs)...but it's more a principle thing than an issue of earning more interest. Yeah, Social Security is a bad loan if you consider it a loan. If you realize that it’s not a loan, but rather a scheme for the institutionalization of intergenerational robbery, then you have a realistic picture.

I wish there were a way for me to lend less of my money to the government every year (I always get a huge refund because of Schedule C writeoffs)…but it’s more a principle thing than an issue of earning more interest.

]]> By: Dus10 http://www.bargaineering.com/articles/tax-refund-free-loan-to-government.html/comment-page-1#comment-5292 Dus10 Sun, 09 Apr 2006 20:20:57 +0000 http://www.bargaineering.com/articles/?p=895#comment-5292 Yea, SS is a horrible interest free loan! I figured it up and I will be getting the same amount as I would by putting all of that in a jar until I was 65, and then getting a 10%. 45 years worth of compounding should be worth more than $0. Yea, SS is a horrible interest free loan! I figured it up and I will be getting the same amount as I would by putting all of that in a jar until I was 65, and then getting a 10%. 45 years worth of compounding should be worth more than $0.

]]> By: Bret http://www.bargaineering.com/articles/tax-refund-free-loan-to-government.html/comment-page-1#comment-5287 Bret Sun, 09 Apr 2006 16:18:33 +0000 http://www.bargaineering.com/articles/?p=895#comment-5287 My goal has always been to owe a little money at the end. Although if you owe too much, then a penalty must be paid. My goal has always been to owe a little money at the end. Although if you owe too much, then a penalty must be paid.

]]>