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Bottom line is that if you don't get back proportional to what you pay in after the cap is raised, it isn't "raising the social security cap", it's simply increasing income tax and calling it something else.
And again, that is a bigger hit to upper middle class people than the super wealthy, who make most of their income from investments which never get touched by SS. 127K is barely middle class (lifestyle wise) in terms of household income where I live. 10% of your take home gets eaten up by property taxes in that scenario.
Exactly. It would have the biggest impact on people who already get hit the hardest. These families get no healthcare credits, lose or get reduced child tax credits, don't qualify for need based college help, etc.
Fix it by letting those under a certain age opt out. Slowly phase out the program. Establish something completely different for those who are destitute and disabled.
Its a position they never should have been in to begin with. Had they been able to keep their own money and invest it for all of those years up until close to retirement, they would have had much larger nest egg and wouldn't have had to try and make such risky investments.
This is just proof in my personal opinion that SS helps in creating a false sense of security though. Most people with a an hour or two of reading/research every now and then could figure out where to safely put their money, how to allocate it and avoid being played in the great SS scheme to manipulate the voting public. Personal finance and investing is made to be some big Wall Street boogie man, stoking fear and making people feel like they need the government to save them. I have faith in the vast majority of the general population who are able to balance check books, buy cars and houses that they can also manage their retirement money using basic guidelines published by the 1000s of financial institutions, research institutes, and investment experts. All free information that can be executed on with minimal starting $ and a few clicks of a mouse.
You and I sure can do it. So can 100M other Americans.
...and 100M other Americans that can't or won't.
From my viewpoint SS has been a meager investment expense, soon with a minor return. I never minded that second 100M getting some backup. Nor the first.
Exactly. It would have the biggest impact on people who already get hit the hardest. These families get no healthcare credits, lose or get reduced child tax credits, don't qualify for need based college help, etc.
No it wont. If a person earns more than $250k a year, that person can afford to pay Medicare tax and SS tax on all their income like Joe Sixpack on $50k already does.
All the programs you talk about are means tested programs implemented by right wingers (from the Dems and GOP) meant to rile up the middle class by denying the middle class the benefits of taxation and stigmatize the beneficiaries (the desperately poor which would be targeted for attack).
Its mere existence mixed with political grandstanding over it, and the fact that its become a false sense of security that is unstable and cant exist as originally intended means its destroyed already. My suggestion is more of a controlled dismantling which is much more fair and stable.
SS should work like Medicare taxes. Everyone should be taxed on all income.
Uhhh, no.
Nobody should have to put in absurdity more than they will receive.
Yes, I know the liberal mates is "I want what he has; therefore, the government should take it for me", but that is absurd.
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There was an HTML error. I take it back. You are right.
