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Are they kidding? They've robbed the SS till now for 40+ years. SS payments really should be 2X what they currently are.
Cut ADC Medicaid and food stamps first. That's just for starters.
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Originally Posted by TwinbrookNine
You merely take the billions of dollars that were filched from the SS pot (by both Dems And GOP'ers) over 50 years. All for pet projects, designed to further individuals' political careers. Add that in, as if it was still there, and SS payments at this time would be nearly twice what they are.
Politicians have been robbing the SS money with no concern, for decades. Yet people never asked, and yet they continue to vote for those pigs.
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Originally Posted by luvmyhoss
Social security disability needs to be removed from ss..
Have its own category. Like welfare by a different name.
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Originally Posted by Burger Fan
excellent post. this part is frequently overlooked when some people make claims about social security being insolvent.
You guys need to go back a few pages and read the 1935 Social Security Act.
Surplus Social Security funds are required to be converted into special treasuries and the money put into the General Fund.
Blame FDR if you don't like it.
Quote:
Originally Posted by HappyTexan
I just read the overview and they recommend a permanent increase of FICA from 12.40% to 15.02% which is a 21% increase.
The longer they wait to increase the rate, the higher the rate must be, and the more damaging to your economy it will be.
Fiscally...
Seems to me that removing the cap removes the issue for the most part.
You'll never collect the full amount. Salaries will be deferred or provided through other compensation, in order to avoid paying the higher tax, plus the damage to your economy will offset another large part.
Note that is also equal to $1.3 TRILLION over 10 years of less investment.
Small businesses are the ones that will take the hit.
So, yeah, keep enacting polices to ensure that the 3% of US businesses that are publicly traded corporations becomes 97% of all US businesses.
You'll never collect the full amount. Salaries will be deferred or provided through other compensation, in order to avoid paying the higher tax, plus the damage to your economy will offset another large part.
Note that is also equal to $1.3 TRILLION over 10 years of less investment.
Small businesses are the ones that will take the hit.
So, yeah, keep enacting polices to ensure that the 3% of US businesses that are publicly traded corporations becomes 97% of all US businesses.
Laughing at the superior intellect...
Mircea
Forgive me, but I really don't see evidence that you have reason to laugh at the intellect of others.
I suspect one can look at Greece or France's pension or even to past solutions to see what will be done. Basically kick down the road by temporary solution. Even more likely has some others hit first and others will follow in being under funded. At the coming uge increase in numbers of retired; politicians are not go to do much except that.
Forgive me, but I really don't see evidence that you have reason to laugh at the intellect of others.
If you increase the cap significantly then deferred compensation among the highly paid will increase as well. You can only get FICA tax from earned income.
Example...Warren Buffet is millionaire yet his "earned income" is only $100K a year.
I agree, but every bit helps. And yet somehow you seem to act like we SHOULDNT solve the problem. Its like you want us to fail.
Quote:
Salaries will be deferred or provided through other compensation, in order to avoid paying the higher tax, plus the damage to your economy will offset another large part.
Note that is also equal to $1.3 TRILLION over 10 years of less investment.
Small businesses are the ones that will take the hit.
Small businesses will take the massive hit of taxing social security at incomes above 113K? Oh the HORROR...those folks who own businesses might have to pay the same rate as everyone else does. Small detail-small business owners don't make tons of salary....
Yes I am sure that everyone paying the same rate of social security will destroy our country. Tell me, how much damage does NOT paying for social security do? Oh right, thats a inconvenient fact isn't it?
Quote:
So, yeah, keep enacting polices to ensure that the 3% of US businesses that are publicly traded corporations becomes 97% of all US businesses.
Which has WHAT exactly to do with what we are discussing? It does make your next statement particularly ironic.
I agree, but every bit helps. And yet somehow you seem to act like we SHOULDNT solve the problem. Its like you want us to fail.
Small businesses will take the massive hit of taxing social security at incomes above 113K? Oh the HORROR...those folks might have to pay the same rate as everyone else does.
Yes I am sure that everyone paying the same rate of social security will destroy our country. Tell me, how much damage does NOT paying for social security do? Oh right, thats a inconvenient fact isn't it?
Which has WHAT exactly to do with what we are discussing? It does make your next statement particularly ironic.
Yup. Ironic.
They already do..FICA is divided between employer and employee.
The Trustees recommend upping FICA to 15% from the current 12.4%
If you increase the cap significantly then deferred compensation among the highly paid will increase as well. You can only get FICA tax from earned income.
Example...Warren Buffet is millionaire yet his "earned income" is only $100K a year.
The vast majority who CAN do this, ARE doing it.
Maybe a better solution is to make sure that social security is taxed on all income.
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