Democrats Propose A Different Kind Of Social Security Overhaul

[skews13]

The bicameral bill, the Medicare and Social Security Fair Share Act, was reintroduced by Sen. Sheldon Whitehouse (D-R.I.) and Rep. Brendan Boyle (D-Pa.), with the aim of requiring people with yearly incomes of more than $400,000 to contribute a fairer share of their wealth to the two programs. Currently the maximum amount of earnings for which American workers must pay Social Security taxes is just over $176,000.

The bill would lift the Social Security tax cap "to ensure that no matter the source of their income, high-income taxpayers would pay the same tax rate on their income exceeding that threshold," said the lawmakers in a press statement.

It would also increase the Medicare tax rate for income above $400,000 by 1.2% and include a provision ensuring owners of hedge funds and private equity firms can no longer avoid Medicare taxes.

'Rigged for the rich': Dems propose a different kind of Social Security overhaul

Social Security and Medicare protect tens of millions of American senior citizens from poverty and medical bankruptcy each year, but economic justice advocates have long said the programs would be strengthened and remain fully solvent for as long as possible if the richest Americans contributed...

www.alternet.org

A much better overhaul. Of course if Republicans refuse to sign off on it. Democrats will make it part of the budget they submit after taking back the House. I'm sure shutting down the government over it will be a big winner for them during the 2028 campaign.

 

[pknopp]

This is all well and fine outside of one issue. They don't try and do things like this when they are actually in power.

 

[Orangecat]

Why on earth should higher income people pay more into a forced retirement plan/ponzi scheme that they will most likely never get their money back out of? Is SS now a marxist wealth redistribution tool?

 

[skews13]

This is all well and fine outside of one issue. They don't try and do things like this when they are actually in power.

The times they are a changing.

 

[Concerned American]

The bicameral bill, the Medicare and Social Security Fair Share Act, was reintroduced by Sen. Sheldon Whitehouse (D-R.I.) and Rep. Brendan Boyle (D-Pa.), with the aim of requiring people with yearly incomes of more than $400,000 to contribute a fairer share of their wealth to the two programs. Currently the maximum amount of earnings for which American workers must pay Social Security taxes is just over $176,000.

The bill would lift the Social Security tax cap "to ensure that no matter the source of their income, high-income taxpayers would pay the same tax rate on their income exceeding that threshold," said the lawmakers in a press statement.

It would also increase the Medicare tax rate for income above $400,000 by 1.2% and include a provision ensuring owners of hedge funds and private equity firms can no longer avoid Medicare taxes.

'Rigged for the rich': Dems propose a different kind of Social Security overhaul

Social Security and Medicare protect tens of millions of American senior citizens from poverty and medical bankruptcy each year, but economic justice advocates have long said the programs would be strengthened and remain fully solvent for as long as possible if the richest Americans contributed...

www.alternet.org

A much better overhaul. Of course if Republicans refuse to sign off on it. Democrats will make it part of the budget they submit after taking back the House. I'm sure shutting down the government over it will be a big winner for them during the 2028 campaign.

Tell us again who's trying to take away SS? Democrats--hmmmm.

 

[C_Clayton_Jones]

The bicameral bill, the Medicare and Social Security Fair Share Act, was reintroduced by Sen. Sheldon Whitehouse (D-R.I.) and Rep. Brendan Boyle (D-Pa.), with the aim of requiring people with yearly incomes of more than $400,000 to contribute a fairer share of their wealth to the two programs. Currently the maximum amount of earnings for which American workers must pay Social Security taxes is just over $176,000.

The bill would lift the Social Security tax cap "to ensure that no matter the source of their income, high-income taxpayers would pay the same tax rate on their income exceeding that threshold," said the lawmakers in a press statement.

It would also increase the Medicare tax rate for income above $400,000 by 1.2% and include a provision ensuring owners of hedge funds and private equity firms can no longer avoid Medicare taxes.

'Rigged for the rich': Dems propose a different kind of Social Security overhaul

Social Security and Medicare protect tens of millions of American senior citizens from poverty and medical bankruptcy each year, but economic justice advocates have long said the programs would be strengthened and remain fully solvent for as long as possible if the richest Americans contributed...

www.alternet.org

A much better overhaul. Of course if Republicans refuse to sign off on it. Democrats will make it part of the budget they submit after taking back the House. I'm sure shutting down the government over it will be a big winner for them during the 2028 campaign.

Democrats seek to preserve Social Security and Medicare as necessary, proper programs beneficial to the American people.

Republicans seek only to destroy Social Security and Medicare because it conflicts with failed, wrongheaded conservative dogma, harming the American people.

 

[Concerned American]

Democrats seek to preserve Social Security and Medicare as necessary, proper programs beneficial to the American people.

Republicans seek only to destroy Social Security and Medicare because it conflicts with failed, wrongheaded conservative dogma, harming the American people.

 

[initforme]

Social security and medicare have helped 10s or hundreds of millions of hard working citizens. Two of the Greatest things this nation has ever created.

 

[Orangecat]

Social security and medicare have helped 10s or hundreds of millions of hard working citizens. Two of the Greatest things this nation has ever created.

It certainly has, but that doesn't change the fact that it's basically a ponzi scheme that would've collapsed ages ago if the government didn't mandate participation.

 

[Orangecat]

The times they are a changing.

You clowns constantly fantasize about futures that never come to pass. Must be why you're all such miserable twats.

 

[initforme]

It certainly has, but that doesn't change the fact that it's basically a ponzi scheme that would've collapsed ages ago if the government didn't mandate participation.

Hard working people have paid into it their whole working lives. Therefore they are owed and more importantly entitled to their benefit. This so called great nation owes them.

 

[Dont Taz Me Bro]

The bicameral bill, the Medicare and Social Security Fair Share Act, was reintroduced by Sen. Sheldon Whitehouse (D-R.I.) and Rep. Brendan Boyle (D-Pa.), with the aim of requiring people with yearly incomes of more than $400,000 to contribute a fairer share of their wealth to the two programs. Currently the maximum amount of earnings for which American workers must pay Social Security taxes is just over $176,000.

How is this a "fairer" share? They'll still only get the same benefit in return as those making $176,000. Social Security isn't a welfare program.

I knew as soon as I read "a different kind of Social Security Overhaul" it would be trash.

 

[Orangecat]

Hard working people have paid into it their whole working lives. Therefore they are owed and more importantly entitled to their benefit. This so called great nation owes them.

They were forced to pay in to cover the benefits of current recipients (ponzi scheme). That same money invested in the stock market would've netted a much higher return, but then the government wouldn't have it to buy votes and enrich themselves.

 

[Orangecat]

How is this a "fairer" share?

Because the useful idiots of marxism have been conditioned to believe that those with means must be forced to support those with needs.

 

[initforme]

They were forced to pay in to cover the benefits of current recipients (ponzi scheme). That same money invested in the stock market would've netted a much higher return, but then the government wouldn't have it to buy votes and enrich themselves.

And if the stock market goes under we have millions upon millions who would have nothing. American votporate plutocrats have a dirt cheap labor force in america. It costs zilch.

 

[MarathonMike]

Republicans seek only to destroy Social Security and Medicare because it conflicts with failed, wrongheaded conservative dogma, harming the American people.

Hatin Clayton spreading the bullshit he's paid to spread. Present ONE shred of evidence that the GOP is seeking to destroy Social Security or STFU.

 

[Orangecat]

And if the stock market goes under we have millions upon millions who would have nothing. American votporate plutocrats have a dirt cheap labor force in america. It costs zilch.

And if the government goes under, we have anarchy and no SS. We can speculate on hypothetical situations all day, but that doesn't accomplish anything of substance. Don't get me wrong, I'm not opposed to SS. I'd just prefer it be a voluntary program. I'd be much better off if I were reimbursed everything I've paid in (I'd even accept sans interest) and could invest it myself.

 

[Foxfyre]

The bicameral bill, the Medicare and Social Security Fair Share Act, was reintroduced by Sen. Sheldon Whitehouse (D-R.I.) and Rep. Brendan Boyle (D-Pa.), with the aim of requiring people with yearly incomes of more than $400,000 to contribute a fairer share of their wealth to the two programs. Currently the maximum amount of earnings for which American workers must pay Social Security taxes is just over $176,000.

The bill would lift the Social Security tax cap "to ensure that no matter the source of their income, high-income taxpayers would pay the same tax rate on their income exceeding that threshold," said the lawmakers in a press statement.

It would also increase the Medicare tax rate for income above $400,000 by 1.2% and include a provision ensuring owners of hedge funds and private equity firms can no longer avoid Medicare taxes.

'Rigged for the rich': Dems propose a different kind of Social Security overhaul

Social Security and Medicare protect tens of millions of American senior citizens from poverty and medical bankruptcy each year, but economic justice advocates have long said the programs would be strengthened and remain fully solvent for as long as possible if the richest Americans contributed...

www.alternet.org

A much better overhaul. Of course if Republicans refuse to sign off on it. Democrats will make it part of the budget they submit after taking back the House. I'm sure shutting down the government over it will be a big winner for them during the 2028 campaign.

The best way to save social security is to make the fund off limits to Congress to use for ANY purpose other than social security retirees. And invest it in high interest or other safe vehicles to help it grow above and beyond the contributions.

 

[initforme]

The best way to save social security is to make the fund off limits to Congress to use for ANY purpose other than social security retirees. And invest it in high interest or other safe vehicles to help it grow above and beyond the contributions.

Well stated.

 

[MarathonMike]

And if the government goes under, we have anarchy and no SS. We can speculate on hypothetical situations all day, but that doesn't accomplish anything of substance. Don't get me wrong, I'm not opposed to SS. I'd just prefer it be a voluntary program. I'd be much better off if I were reimbursed everything I've paid in (I'd even accept sans interest) and could invest it myself.

It's original concept at least made some fiscal sense. You had a very wide working base and a small retirement population that didn't live very long. But fast forward 80 years. The working base is shrinking, the retirement population growing AND living much longer. I don't see how this is sustainable.