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So it's called a regressive tax and it's not good for a nation to have a regressive tax.
Well yeah, 'cept for the part that it isn't supposed to a TAX, it's supposed to be a social insurance program, you know pay in now, take out later.
There should not be a cap on what the rich pay in social security taxes.
Please sign the petition.
Happy Birthday, Social Security - Now Let's Finally Give You A Raise
That is really stupid. Get off your lazy ass and get a job.
There should not be a cap on what the rich pay in social security taxes.
Please sign the petition.
Happy Birthday, Social Security - Now Let's Finally Give You A Raise
Welfare for the wealthy has to end.
Lowering taxes for the rich and raising them on the middle class is what the Republicans are all about.
Explain exactly how the current SS system is a ’welfare for the wealthy’ program because that statement is completely asinine.
There should not be a cap on what the rich pay in social security taxes.
Please sign the petition.
Happy Birthday, Social Security - Now Let's Finally Give You A Raise
Welfare for the wealthy has to end.
Lowering taxes for the rich and raising them on the middle class is what the Republicans are all about.
No it hasn't always been a "TAX" it's called a tax because the federal government needed a justification for forcing citizens to pay into it , viola FEDERAL TAXING AUTHORITY, the same reasoning they used to justify the ACA individual mandate.So it's called a regressive tax and it's not good for a nation to have a regressive tax.
Well yeah, 'cept for the part that it isn't supposed to a TAX, it's supposed to be a social insurance program, you know pay in now, take out later.
Yeah, but it's always been a tax. That's why they set the age at 65 at a time when the average lifespan was 63. They never planned to pay out all that money.
Makes no difference from the standpoint of taxation, it's the government doing what is illegal for everyone else to do , i.e. open-ended borrowing from a pension fund to fund current operating expenses and replacing the borrowed money with non-negotiable bonds.That's why they've been "borrowing" from the social security fund since day one.
There should not be a cap on what the rich pay in social security taxes.
Please sign the petition.
Happy Birthday, Social Security - Now Let's Finally Give You A Raise
Welfare for the wealthy has to end.
Lowering taxes for the rich and raising them on the middle class is what the Republicans are all about.
Since the rich like to crow about how they pay all the taxes, we should cut the middle class taxes to match their rhetoric.
There should not be a cap on what the rich pay in social security taxes.
Please sign the petition.
Happy Birthday, Social Security - Now Let's Finally Give You A Raise
Welfare for the wealthy has to end.
Lowering taxes for the rich and raising them on the middle class is what the Republicans are all about.
Since the rich like to crow about how they pay all the taxes, we should cut the middle class taxes to match their rhetoric.
Welfare for the wealthy has to end.
Lowering taxes for the rich and raising them on the middle class is what the Republicans are all about.
Since the rich like to crow about how they pay all the taxes, we should cut the middle class taxes to match their rhetoric.
Absolutely. Flat tax it is. Now NO ONE pays more than anyone else. See how simple that was.
Since the rich like to crow about how they pay all the taxes, we should cut the middle class taxes to match their rhetoric.
Absolutely. Flat tax it is. Now NO ONE pays more than anyone else. See how simple that was.
I wanna have your babies.......
What makes you think "the rich" don't collect social security benefits? did "the rich" suddenly all become incredibly stupid with money or something? After all one would have to be incredibly stupid to pay into an annuity all of ones working life and then not collect on the promises that were used to justify forcing one to pay into it in the first place.Although the rich pay into the social security system, they don't collect social security benefits. The cap only makes sense as it limits how much they are fleeced.
Although the rich pay into the social security system, they don't collect social security benefits.
Although the rich pay into the social security system, they don't collect social security benefits. The cap only makes sense as it limits how much they are fleeced.
The wealthier a person is, the less likely it is that they will ever retire. They keep working as long as they can drag themselves out of bed. The rich keep supporting the poor, who retire as soon as they leave school, their entire lives.
There should not be a cap on what the rich pay in social security taxes.
Please sign the petition.
Happy Birthday, Social Security - Now Let's Finally Give You A Raise
I agree, SS taxes should be collected on all income. No cap, collect it on all kinds of income not just paycheck income.
Why? because it is a tax, it is no longer a personal retirement savings plan, LBJ killed that idea when he merged it with the general fund.
There should not be a cap on what the rich pay in social security taxes.
Please sign the petition.
Happy Birthday, Social Security - Now Let's Finally Give You A Raise
I agree, SS taxes should be collected on all income. No cap, collect it on all kinds of income not just paycheck income.
Why? because it is a tax, it is no longer a personal retirement savings plan, LBJ killed that idea when he merged it with the general fund.
I have always thought imposing SS taxes on low wage earners to be odd, while having a cap on higher incomes.
I understand the logic behind it being that over the cap earners would probably never tap SS when they retire.
But that 'logic' has fallen by the wayside when we see retirees receiving in $90k in city/county/state pensions and tapping SS.
TBH I don't know if there is a sliding rate for the ^^.
And
I agree, SS taxes should be collected on all income. No cap, collect it on all kinds of income not just paycheck income.
Why? because it is a tax, it is no longer a personal retirement savings plan, LBJ killed that idea when he merged it with the general fund.
I have always thought imposing SS taxes on low wage earners to be odd, while having a cap on higher incomes.
I understand the logic behind it being that over the cap earners would probably never tap SS when they retire.
But that 'logic' has fallen by the wayside when we see retirees receiving in $90k in city/county/state pensions and tapping SS.
TBH I don't know if there is a sliding rate for the ^^.
I'm too lazy too look for it!
I am glad I have paid in, especially when younger and making little. I know this wasn't your point. But I have enough points/credits that my son would get the full amount if something happened to me.
)
There should not be a cap on what the rich pay in social security taxes.
Please sign the petition.
Happy Birthday, Social Security - Now Let's Finally Give You A Raise
I agree, SS taxes should be collected on all income. No cap, collect it on all kinds of income not just paycheck income.
Why? because it is a tax, it is no longer a personal retirement savings plan, LBJ killed that idea when he merged it with the general fund.
I have always thought imposing SS taxes on low wage earners to be odd, while having a cap on higher incomes.
I understand the logic behind it being that over the cap earners would probably never tap SS when they retire.
But that 'logic' has fallen by the wayside when we see retirees receiving in $90k in city/county/state pensions and tapping SS.
TBH I don't know if there is a sliding rate for the ^^.
I'm too lazy to look for it!
Why wouldn't they tap social security? It's their money they are getting back, and yes there is a sliding rate in that the higher the rate of income the less credit one receives toward benefit payouts on a per dollar basis, works with brackets like a progressive income tax in reverse. There's also a total income formula for income tax on benefits that specifies that up to 85% of social security benefits can be subject to taxation.
The practical point of the cap at this point revolves around the fact that given longer life expectancy people are pulling more out of social security than they put in, if you uncap contributions then what you end up with is people in the higher income brackets pulling proportionally MORE out than they put in because benefit payouts are calculated based on the amount paid in. Raising the cap doesn't make the system any more "fair" (it doesn't change the amount middle/lower class pay in) all it does is increase the income stream that the government can "borrow" from to fund current operations AND reduces the amount of capital available for investment in the private sector, not to mention increases the costs on the back end for social security.Why wouldn't they tap social security? It's their money they are getting back, and yes there is a sliding rate in that the higher the rate of income the less credit one receives toward benefit payouts on a per dollar basis, works with brackets like a progressive income tax in reverse. There's also a total income formula for income tax on benefits that specifies that up to 85% of social security benefits can be subject to taxation.
Social security will be withheld from an employee's wages at the rate of 4.2% (down from 6.2%) up to the social security wage limit of $110,100.
Publication 505 (2013), Tax Withholding and Estimated Tax
A person making $250k a year only pays into SS up to $110,100. The point of the OP is why the cap?
Me too, the whole program is a horrendously bad deal for most people, especially those that plan & save for their own retirements.I also think it's ridiculous that SS and unemployment benefits can be taxed.
