Democrats Propose A Different Kind Of Social Security Overhaul

[WorldWatcher]

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.

I'm not buying this statement. If modeled after the current FICA, it would only apply to wages/salaries and not other income so the "no matter the source" sounds off.

WW

 

[otto105]

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.

All for it.

 

[BackAgain]

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 Dumbocrap “plan” is idiotic.

But that’s redundant.

 

[initforme]

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.

In thr greatest nation on earth, awash in wealth. If we cant save those programs then that says something.