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She is out of her mind. Even if they just removed the cap and left the rate the same, it would be an enormous tax increase on both businesses and employees. Raising it to 14% above $250k is absolutely insane. Thankfully, it would raise taxes on employers too, or else the employees would have nobody to fight for them. If this is her proposal, businesses will dump enough money into her opponents’ hands to defeat her, and if somehow she wins anyway, they will lobby to stop this moronic plan.
Well, I live in western MA and the baristas in the coffee shop make $20 and up.
The key here is that those who don't make the bucks have universal health care and MANY options in terms of training, mentorship, etc. in order to get there.
So it's an ongoing process. As you well know, everyone can't be rich. But everyone can have an opportunity to learn and advance and at least have the minimum in terms of food, housing and health care.
The over-riding point here is that Warren's state tends to rate in the top 5 of most ALL good human metrics...while the state of Moscow Mitch and Fiction Reader Rand is about 45th.
Don't results count any longer? I guess Trump answered that question, having taken Atlantic City itself into bankruptcy.
All I know is that you said this:
Quote:
Originally Posted by craigiri
Do you mean everyone will have high wages and great medical care and social services like here in the State where she holds office?
and that implies that everyone has high wages in Massachusetts. That's factually untrue. Let me know when you admit you erred (lied/exaggerated/whatever you want to call it) and we can continue moving forward in the discussion.
Personally I would put the threshold at 1 mil and make it a more gradual increase. But at some point the well off can afford to pay more.
They're already paying more. They're paying more federal income tax. They're paying more state income tax. They're paying more capital gains tax. They're paying more They're paying more sales tax. They're paying more property tax.
Currently for Social Security employees pay 6.2% (which is matched by employers) on gross earnings up to $132,000 and 0% on those above $132,000 on the front end while paying into the system.
My understanding of Warrens plan that she wants to do the following: 1) to remove the cap on those earning above $132,000 and increase the contribution percentage to 7.4%; and 2) for individuals making over $250,000 individually or $400,000 jointly would owe 14.8% to the system (which would also be matched by employers).
Depends what she's gonna spend it on. The first part, removing cap (or at least raising it) and increasing the rate is basically necessary to fund current Social Security withdrawals. I'm a fiscal conservative so I support funding spending rather than not funding spending. Either cut the welfare bennies or increase the taxes (or a combination). Last one I don't see the point and don't support. Problem with Warren is anything she does on the increasing taxes end she'll just undo and then some on the spending end.
I don't really get why you don't think that it would be more progressive. More is more. Social Security is already progressive, this would just make it more progressive.
Depends what she's gonna spend it on. The first part, removing cap (or at least raising it) and increasing the rate is basically necessary to fund current Social Security withdrawals. I'm a fiscal conservative so I support funding spending rather than not funding spending. Either cut the welfare bennies or increase the taxes (or a combination). Last one I don't see the point and don't support. Problem with Warren is anything she does on the increasing taxes end she'll just undo and then some on the spending end.
I don't really get why you don't think that it would be more progressive. More is more. Social Security is already progressive, this would just make it more progressive.
You are in luck then. Social Security is a trust fund, so you dont have to worry about spending without funding. When it runs out of money, there can be no more spending from it.
How about just taking the money everyone pays to Social Security, and putting it in their own personal retirement account, in a fund that tracks the S&P? No option to take it out before retirement. People would get a much better return on their money.
All I know is that you said this:
and that implies that everyone has high wages in Massachusetts. That's factually untrue. Let me know when you admit you erred (lied/exaggerated/whatever you want to call it) and we can continue moving forward in the discussion.
Ah, so you got me.....used an "and" instead of an "or"......
Never the less, as you well know, KY and many other places are 30-40 places behind Warren's state. You can pick nits if you like, but the point stands.
It's factually true that people in MA are better off in terms of health care, social services, life span, body weight, innovation, creation of value, education and MANY other metrics.
One either accepts that reality or they stand on their head to read the state ratings.
BTW, as I said earlier, I am against sky-high SS limits. I want the account to balance since I am very fiscally conservative. Tax money can be gotten from higher rates on incomes (stopping some of the preferred treatment of capital gains and dividends) and such things.
Increases in SS to the employers and employees should be kept small and gradual - and they WILL BE. As I said, also, the POTUS doesn't make those decisions. It's a compromise that is worked out.
Medicare is somewhat another story. We need to get that money from many places....including means testing for seniors with millions in the bank. At some point they need to fork up some of their life savings for their medical care....the other option is that Junior gets the money after their death, which spoils Junior and makes him or her non-productive.
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