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Drudge Retort: The Other Side of the News
Sunday, April 06, 2025

Galloway, who earns $16 million annually, believes that Social Security benefits should not be available to people with that much wealth, including himself. He supports the idea of using means-testing to determine eligibility for the monthly payments.

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"Galloway also believes exceptionally wealthy people are not taxed at a high enough rate that pays their fair share to fund the federal program.

He explains that he pays $9,000 in Social Security taxes each year, which is the same amount paid by someone with an annual income of $160,000."

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"The author says generating passive income is the key to building wealth, and that the amount of money one needs for financial security varies per individual.

That money total comes down to a simple plan: Generate more passive income than the rate at which you burn money. Galloway calls this a person's "burn rate."

He explains the math in the following way:" more at the thread link

#1 | Posted by Corky at 2025-04-06 10:57 PM | Reply

"Galloway, who earns $16 million annually, believes that Social Security benefits should not be available to people with that much wealth, including himself."

Reagan taught poor people it was unfair to rich people if rich people don't get something back for what they paid in, to Social Security, which is for poor people.

They don't see the problem with that reasoning.

But, they did pay in, so they should get paid out.

I'm fine with taking the lowest of the five highest earning years and reducing the benefit percentage by the amount of income percentage over the cutoff level.

#2 | Posted by snoofy at 2025-04-06 11:17 PM | Reply

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