How will Kamala tax the rich?

[candycorn]

If a rich guy pays 4 times more in payroll tax and gets 4 times the benefit, how does that fully fund Social Security?

Everyone paying the same freight fully funds it

 

[Toddsterpatriot]

Everyone paying the same freight fully funds it

Right. And a guy paying twice as much in should get twice as much out.

 

[candycorn]

Right. And a guy paying twice as much in should get twice as much out.

Yep. Of course what you’re paying in today supports those who have retired as those who pay in 20 years from now support folks who have retired 20 years before.

Its not a difficult concept and it should be a national priority to increase the standard of living of those who are up in years.

 

[Toddsterpatriot]

Yep. Of course what you’re paying in today supports those who have retired as those who pay in 20 years from now support folks who have retired 20 years before.

Its not a difficult concept and it should be a national priority to increase the standard of living of those who are up in years.

Right.
So how does taking in twice as much now, to pay twice as much later, fix the system?

 

[candycorn]

Right.
So how does taking in twice as much now, to pay twice as much later, fix the system?

Well, give it some thought....you may understand in a few years if you think of nothing else....

 

[Couchpotato]

One thing She and the Congress could do tomorrow is to fully fund Social Security to where everyone pays into SS on every dollar they earn. Currently, the ultra rich don’t pay a cent in SS tax past the first week of January.

And there would be the increase in benefit to go along with that right? Because SS isn’t old people welfare. Am I right?

 

[candycorn]

And there would be the increase in benefit to go along with that right? Because SS isn’t old people welfare. Am I right?

Sure...However what is paid in today supports people who are currently on SS. The program can expand to give seniors some dignity in their advanced years. It also is only fair that they pay SS tax on every dollar they earn...just like the rest of us. Pretty easy concept.

 

[Couchpotato]

Sure...However what is paid in today supports people who are currently on SS. The program can expand to give seniors some dignity in their advanced years. It also is only fair that they pay SS tax on every dollar they earn...just like the rest of us. Pretty easy concept.

It’s fair now. The cap on what’s taxed correlates to the cap in benefits. If you uncap the tax you will have to uncap the benefit which will likely just exacerbate the problem. People with money live longer than people without. They will suck the well dry faster than is happening now. That the problem with Ponzi schemes. Even government mandated ones. At some point you run out of suckers.

 

[Toddsterpatriot]

Well, give it some thought....you may understand in a few years if you think of nothing else....

You can't explain now? Math not one of your strong subjects?

 

[Toddsterpatriot]

Sure...However what is paid in today supports people who are currently on SS. The program can expand to give seniors some dignity in their advanced years. It also is only fair that they pay SS tax on every dollar they earn...just like the rest of us. Pretty easy concept.

The program can expand to give seniors some dignity in their advanced years.

How does increasing the amount SS will have to pay out in a few years helpful for the long-term solvency of the program?

 

[candycorn]

It’s fair now.

Probably isn’t but we can make it better for Seniors.

The cap on what’s taxed correlates to the cap in benefits. If you uncap the tax you will have to uncap the benefit which will likely just exacerbate the problem.

You just said it was “fair now”.

People with money live longer than people without.

Not true.

They will suck the well dry faster than is happening now.

I doubt it.

That the problem with Ponzi schemes. Even government mandated ones. At some point you run out of suckers.

Well, it’s been around for about 100 years. We haven’t ran out yet despite the chicken-little type of mentality you possess.

 

[Couchpotato]

Probably isn’t but we can make it better for Seniors.

How it not fair? People are allegedly paid out according to what they've paid in. Tax capped as is the benefit level.

You just said it was “fair now”.

Yes. You are making the assertion that it isn't not me.

Not true.

On what fantasy planet is wealth not correlated to life span? Because it's not earth

TIn the US there's a 10 year gap between Top 1% of women and the bottom. It's 15 for men. So your top earners are going to be drawing those big amounts out longer.

I doubt it.

Because you havent actually thought this through

Well, it’s been around for about 100 years. We haven’t ran out yet despite the chicken-little type of mentality you possess.

If it's fine why do we need to change it? I mean besides the fact that it's a horrible deal and a wealth thief.