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No keep it the way it is, just like getting rid of caps on spending. They need to get rid of the Cap on SS taxes. I also understand the male life expectancy has dropped to 73 or so.
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
If the cap was dropped on wages above $128,400 it would be funded forever.
Quote:
Originally Posted by vacoder
Bingo. Should have been done already
false
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
SS was not designed to be your retirement...it was/is designed to SUPPLEMENT your retirement
And that is fine. Many seniors do work till they are 75 in low wage jobs to supplement what they get from SS. However raising it to 75 is unreasonable.
And that is fine. Many seniors do work till they are 75 in low wage jobs to supplement what they get from SS. However raising it to 75 is unreasonable.
WHY????
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
Hell no. And if anything, the eligible age for Medicare should be lowered continuously over time so that we can eventually have universal health coverage for all Americans.
There's plenty of money in this country to spread around.
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
Because companies don't keep people over 60 in well paying jobs. They are replaced. Then you are taking throwing people into poverty when they are most vulnerable. Maybe you do not care. I think America is better than that.
If you have a physical job, do you really want to be working until 75??
United States could easily follow France and other nations in creating special classes allowing those employed in such for a majority of their earning career to retire "early". The French social security system - Retirement
Of course over the years as various groups get their hooks into Congress even the smallest list could (and likely would) be expanded.
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