Treatment Abuse, Behavior Modification, Thought Reform > The Seed Discussion Forum
Who's worried about Social Security?
GregFL:
Yep, you got it. Also, if you change anything like your name or signature,it will change all posts you have made.
SHH:
There is such an obviously easy fix for Social Security that I cannot believe the American public as a whole isn't demanding it's implementation. There is a cap on the percentage of income that SS taxes are taken out of. I think its something like 85,000 or 90,000. After that, the income isnt taxed. My question is, WHY NOT? Those people in that higher income bracket almost always have IRA's or other investments that they draw off of after retirement in addition to SS. The poor and middle class, however, usually don't. Not only do I think they should tax every income level for Social Security, they should tax the higher incomes a higher percentage. That in itself would fix the Social Security situation, in my opinion. BUT, since the powers that be, our SUPPOSED representatives in Congress are in that higher tax bracket who aren't taxed, it will NEVER be changed unless WE stand up and DEMAND it.
Ok getting off my soapbox now.
cleveland:
Good info, SSH - I didn't know that upper brackets weren't taxed for SS. Wow!
Poison...
GregFL:
Yes, the cap is 90,000 income. After that the employer and tax-payer pay no SS taxes on any additional income. There is also a cap on benefits.
Removing the income cap would result in 100 billion in taxes on high income earners and on employers. It would levy 15% more taxes on all wages made over 90,000..and this burden would be split between the wage earner and the employer.
Is this "fair"? Specifically, should the wealth creators in our society pay for everyone else? Should small businesses be funding your retirement? At what point does this become a hinderance to a productive society?
What you are advocating is further socialization of our economy. You are advocating forcing people to fund a system they don't even need or want. You are asking people to pay a disproportinate amount because they have taken the risks and steps necessary to make a high wage, or just because they are a business owner or stock holder of a corporation.
Businesses would be forced to pay 1/2 percent of this additional tax burden. Businesses pass all expenses off to their customers in the form of higher prices or fees. Therefore, this portion of the tax would actually be passed onto the consumer. This is how people screw themselves by supporting taxes "on the rich". Doesn't happen in the real world.
This idea sucks.
GregFL:
--- Quote ---On 2006-05-18 04:06:00, SHH wrote:
"There is such an obviously easy fix for Social Security that I cannot believe the American public as a whole isn't demanding it's implementation. There is a cap on the percentage of income that SS taxes are taken out of. I think its something like 85,000 or 90,000. After that, the income isnt taxed. My question is, WHY NOT?
The simple answer is that is the level of income that the maximum BENEFITS are capped. For a more detailed answer, see my post above.
--- End quote ---
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