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getting rid of the cap(contribution cap) also negates the payout cap(by law all the way from FDR)...will cause SS to go under even faster
they don't realize they CAN'T, the system was set up that the cap is for both ends
they don't realize that currently the guy who makes exactly 127k pays 6+% (plus the employers 6+%) into SS, and the guy who makes 1 million pays exactly the same 6+% of 127K....and at retirement the millionaire AND the 127k guy will get exactly the same (the max payout)................if they take the cap out......the guy who make a million will get a BIGGER payout at retirement, because he would have CONTRIBUTED 6+% of a million, not 127k
I don't understand the idiots who say "take the cap off"....guess what..the payroll deduction cap is CONNECTED to the PAYOUT cap...you take one the other comes with it....removing the cap will increase the payout to a rich guy..making ss even LESS SOLVENT
people supporting raising/eliminating the cap are about giving the benefit to the rich, not the poor
the program WAS DESIGNED to kick in at 62 when the AVERAGE LIFE SPAN was 60
raising the full amount age to 70 or 72 would not be a big deal for the individuals (as we can still get partial at 62) but it would be a huge savings
the average life expectancy for ALL americans (not gender specific) is 78.9, with females crossing the 81.2 mark and males being at 76.9
the average life expectancy when SS came into effect was less than 60
to KEEP UP with its original intent they should raise the age of FULL qualification to about 80.....again you can start collecting at 62 still
And I thank you....
Those going on about raising the cap cannot see a forest for the trees. Problem with SS is longevity; people are simply living longer (on average) and thus drawing SS for ten, twenty or even thirty years (if not longer) which is something the system was not designed to handle.
People go on about "I paid into it and want my share....." or some such nonsense. On average most persons exhaust sums equal to their total contributions to SS in about ten years or less. Married and or divorced persons where an account is paying spousal, survivor or ex-spouse benefits hits that number rather quickly. Throw in a few kids and, well that's in then, isn't it?
why would the LOGICAL thing of raising it...just as life expectancy has been rising ???
if the design was it was granted at 65..while the (non-gender specific) life expectancy was 63.... don't you think it is logical to raise it??? life expectancy is now around 79.....why not raise it to the low 70's...it just makes sense.... not raising it is unreasonable and illogical
Would you go along then with all military retirement pay starting at age 60? Wouldn't that be logical?
Those going on about raising the cap cannot see a forest for the trees. Problem with SS is longevity; people are simply living longer (on average) and thus drawing SS for ten, twenty or even thirty years (if not longer) which is something the system was not designed to handle.
People go on about "I paid into it and want my share....." or some such nonsense. On average most persons exhaust sums equal to their total contributions to SS in about ten years or less. Married and or divorced persons where an account is paying spousal, survivor or ex-spouse benefits hits that number rather quickly. Throw in a few kids and, well that's in then, isn't it?
Social security department disagrees with your math.
Sure thing. Then when they cannot get work because 26 year-old's are screening the resumes in HR, they can apply for Medicaid and Food Stamps.
In fact, why don't we just wait until people are on their death beds before making them eligible? This way we can take any of the savings and spend it making sure the Dreamers are well taken care of and other countries get theirs.
Sure thing. Then when they cannot get work because 26 year-old's are screening the resumes in HR, they can apply for Medicaid and Food Stamps.
In fact, why don't we just wait until people are on their death beds before making them eligible? This way we can take any of the savings and spend it making sure the Dreamers are well taken care of and other countries get theirs.
And they'll have to move in with their children or relatives.
Economic polices do not occur in a vacuum. Raising the cap on FICA is nothing more than a tax hike. Employers (who pay half of payroll taxes) would have two choices under the above SSA scheme; "eat" the loss and or reduce wages paid in order that they are responsible for paying less.
The large and growing number of self employed and others who must pay their own *total* FICA taxes would also be hit with increases.
Economic polices do not occur in a vacuum. Raising the cap on FICA is nothing more than a tax hike. Employers (who pay half of payroll taxes) would have two choices under the above SSA scheme; "eat" the loss and or reduce wages paid in order that they are responsible for paying less.
The large and growing number of self employed and others who must pay their own *total* FICA taxes would also be hit with increases.
Now that is a blanket statement. I am an employer and pay the matching rate. I am not reducing wages. If I did that I would lose employees. Also, the current cap is well above the median wage.
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