Law School Discussion

Law students, beware of new tax hikes

Law students, beware of new tax hikes
« on: February 26, 2008, 05:43:46 PM »
Just something i read on abovethelaw. This would really suck considering how much money many of us will have in debt when we graduate.

http://www.abovethelaw.com/2008/02/obama_biglaw_and_taxesor_obama_1.php#more

Re: Law students, beware of new tax hikes
« Reply #1 on: February 26, 2008, 05:49:59 PM »
I read that earlier today. Apparently it's sort of a strawman post.

Re: Law students, beware of new tax hikes
« Reply #2 on: February 26, 2008, 05:56:12 PM »
I'm not about to go through the 1,000,000+ comments. Is this post true? Will Obama slice into new associate pay?

Re: Law students, beware of new tax hikes
« Reply #3 on: February 26, 2008, 05:56:21 PM »
I read that earlier today. Apparently it's sort of a strawman post.
I dont know, one thing i am scared of is such huge tax hikes. First year biglaw associate may sound "rich" but if you calculate all the work and money that goes into preparation, then you won't be "rich" for quite some time.

Re: Law students, beware of new tax hikes
« Reply #4 on: February 26, 2008, 06:33:43 PM »
Oh I totally agree with you there. I hate the idea of what's described in the OP. Even raising the SS cap worries me because it won't be there for us. I don't want to finance something that that generation didn't fix themselves when they realized it'd be a problem.

Re: Law students, beware of new tax hikes
« Reply #5 on: February 27, 2008, 04:39:45 AM »
Come on guys, why not raise the SS cap? We have to keep digging the hole deeper and deeper!

Wait, we should just be phasing it out. No reason to continue something that does nothing but redistribute wealth. (even among people in the same class!)

Re: Law students, beware of new tax hikes
« Reply #6 on: February 27, 2008, 05:36:53 AM »
Come on guys, why not raise the SS cap? We have to keep digging the hole deeper and deeper!

Wait, we should just be phasing it out. No reason to continue something that does nothing but redistribute wealth. (even among people in the same class!)

When I think about how much it will hurt my wallet, I really wish we didn't have to raise the social security cap.  I also think that eliminating the cap will completely abolish any remaining delusions about social security being just that--security, insurance, trust fund, etc.--and will completely turn it into nothing more than raw wealth transfers from one group to another.

That said, social security is a busted-@$$ program and we need to start hurting now or it will just hurt more later.  I think we need to eliminate the cap, raise the rate, massively cut benefits, and slow or reduce benefit increases.  It'll hurt A LOT--which is why it is the "third rail" of politics--but letting the entire program and the federal budget crash (and with it the global economy) would hurt even more.  Although there are strong interests alligned against it, I also think some form of privitization will be necessary.

Re: Law students, beware of new tax hikes
« Reply #7 on: February 27, 2008, 06:32:52 AM »
Moral of the story for me: no way am i voting for Obama (or Hillary). As much as i may like they views on say environment and war, i'm not willing to give up so much of my hard earned money so that government can spend it on stupid programs that don't work.

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Re: Law students, beware of new tax hikes
« Reply #8 on: February 27, 2008, 06:48:08 AM »
I am just scratching my head here. If you don't pay, if the people who have the means don't pay, then who will pay for this disaster the current Republican president got us into? Or do you think huge growing national debt continuously is sustainable?

Which programs are you talking about? The military? It's the largest national expenditure. Social security? You honestly think ANY president is going to cut that program? OLD PEOPLE VOTE!

As a "liberal" who thinks we do need to get spending under control, we need to pay down the national debt, and we need to stop giving tax breaks when we can't afford to pay for what we already owe, I ask you, seriously, what is the alternative?

Re: Law students, beware of new tax hikes
« Reply #9 on: February 27, 2008, 10:32:54 AM »
I am just scratching my head here. If you don't pay, if the people who have the means don't pay, then who will pay for this disaster the current Republican president got us into? Or do you think huge growing national debt continuously is sustainable?

Pretty sure the topic at hand, unless you're replying to Ted Franks and not us, is the SS cap. Accordingly, it's FDR that got us in this mess :)

Which programs are you talking about? The military? It's the largest national expenditure. Social security? You honestly think ANY president is going to cut that program? OLD PEOPLE VOTE!

You're basically asking us "young people" to just suck it up about SS- no thank you. I don't know how to fix the system, but raising the cap is not a solution I'm willing to field OR vote for. Further, I realize old people vote and that the AARP is ridiculously powerful, but that's no objection (as you're using it). Is Obama about change or is he about getting people to vote?