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Regardless of whom ever wins, there has to be some serious changes to several programs or else our economy will collapse itself.
Obamacare is a complete failure in terms of costs, keeping your doctors and deductibles. Doctors are pulling out of accepting the plan and insurance companies are pulling out as fast. Social Security is not what it was and will not last beyond 2034. The current thinking is that the fund will still have $$ from payroll taxes and income taxes but the payout will be greatly reduced.
These are just two that are glaring examples of the belt tightening we will all be faced with.
While I agree, especially about obamacare being a failure, I have been hearing social security will be running out since I was a kid, which was 40 years ago. So i am not sure I am buying that one.
While I agree, especially about obamacare being a failure, I have been hearing social security will be running out since I was a kid, which was 40 years ago. So i am not sure I am buying that one.
If you reread my post, I answered how the is going to happen and what the next part of the plan is.
I read it. Still not buying it. Also still dont understand why there are limits on what you pay into it.
There don't have to be. There's plenty we can do to save social security, that being one of the more obvious ones. I'm not too worried about this one either.
I read it. Still not buying it. Also still dont understand why there are limits on what you pay into it.
Not sure what you are not buying. It is impossible to predict with accuracy when it will run out, because some people take it at 62, others later, some people die before taking it, others delay taking it to maximize the payout. It is all a crap shoot. The trust fund itself will run dry at some point which as of now is projected to be 2034.
The SS tax rate and Medicare tax rate are the same as they were in 2015 as it the base wage for SS.
As to the cap. Most wage earners are paying tax on their entire salary as they are below the base wage. The higher salaried folks only pay a portion as they are above the base wage. Those in favor of eliminating the base wage say the additional $$ would keep the fund going and cover the future. However, to the high end folks it would simply be an additional tax and most probably a pretty hefty one at that. And that is the answer.
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