The Democrats want to stop the SS cap.

[Penelope]

Shown Here:​

Introduced in House (04/12/2019)​

Protecting and Preserving Social Security Act

This bill revises the methodology for calculating Old Age, Survivors, and Disability Insurance (OASDI) benefits and phases out the cap on compensation subject to Social Security taxation.

The bill directs the Bureau of Labor Statistics to prepare and publish a Consumer Price Index for Elderly Consumers (CPI-E) to track cost-of-living changes for individuals age 62 or older. The Social Security Administration shall use the CPI-E to calculate the cost-of-living adjustment for OASDI benefits, where it currently uses the Consumer Price Index for Urban Wage Earners and Clerical Workers.

The bill phases out and after 2025 eliminates the cap on compensation ($132,900 in 2019) subject to Social Security taxation. This change applies to both wage earners and the self-employed.

The bill also changes the calculation for the primary insurance amount (the amount received by a beneficiary who elects to receive OASDI benefits at full retirement age) by including the additional earnings that are now taxed as a result of the cap elimination.

H.R.2302 - 116th Congress (2019-2020): Protecting and Preserving Social Security Act

Summary of H.R.2302 - 116th Congress (2019-2020): Protecting and Preserving Social Security Act

www.congress.gov

Fine by me, I often said they should remove the SS cap.

 

[Polishprince]

Your a radical lib, so of course Higher and Higher taxes are "fine by you".

And I bet you love Sleepy Joe's idea of increasing the number of IRS agents exponentially to torture the beleaguered taxpayer as well?

 

[rightwinger]

SS needs a reset

Removing the current cap will do that
If you make a million dollars a year, you only pay SS on the first $133,000

 

[1srelluc]

Wouldn't that result in the biggest payroll tax hike in history to support it?

The maximum taxable amount reflects the original purpose of the Old-Age and Survivors Insurance Program: to provide workers with a "safety net" of retirement income. Social Security was created as a pay-related contributory pension system rather than as a welfare program that would redistribute money from workers to those in need, regardless of whether or not its recipients had paid into the system. The benefits that retirees received were linked to the taxes they had paid when they were in the work force. Social Security was intended also to supplement, rather than replace, private sources of retirement income by providing only a basic, government-guaranteed source of income.

Within this context, Congress determined that it was appropriate to set an upper limit on the amount of income Americans would receive from Social Security. A limit on benefits, combined with the principle that workers' benefits should relate to the amount of money they paid into the system, made an upper limit on the taxes that workers would pay appropriate as well.

 

[rightwinger]

And I bet you love Sleepy Joe's idea of increasing the number of IRS agents exponentially

Great move by our President

More agents mean more compliance with existing laws by our filthy rich

 

[Auld Phart]

Shown Here:​

Introduced in House (04/12/2019)​

Protecting and Preserving Social Security Act

This bill revises the methodology for calculating Old Age, Survivors, and Disability Insurance (OASDI) benefits and phases out the cap on compensation subject to Social Security taxation.

The bill directs the Bureau of Labor Statistics to prepare and publish a Consumer Price Index for Elderly Consumers (CPI-E) to track cost-of-living changes for individuals age 62 or older. The Social Security Administration shall use the CPI-E to calculate the cost-of-living adjustment for OASDI benefits, where it currently uses the Consumer Price Index for Urban Wage Earners and Clerical Workers.

The bill phases out and after 2025 eliminates the cap on compensation ($132,900 in 2019) subject to Social Security taxation. This change applies to both wage earners and the self-employed.

The bill also changes the calculation for the primary insurance amount (the amount received by a beneficiary who elects to receive OASDI benefits at full retirement age) by including the additional earnings that are now taxed as a result of the cap elimination.

H.R.2302 - 116th Congress (2019-2020): Protecting and Preserving Social Security Act

Summary of H.R.2302 - 116th Congress (2019-2020): Protecting and Preserving Social Security Act

www.congress.gov

Fine by me, I often said they should remove the SS cap.

first they need to get rid of this cap.

 

[johngaltshrugged]

How about we get rid of the failed Big Brother retirement program that the govt should have never been involved in?
SS is a Ponzi scheme & slush fund for the pols.

The govt has very specific duties they are empowered to fulfill. Retirement & benevolence is not something we should have ever allowed the Feds to get involved in

 

[Blues Man]

SS needs a reset

Removing the current cap will do that
If you make a million dollars a year, you only pay SS on the first $133,000

SS needs to be revamped alright.

Let people keep their money in privately held accounts so they can actually create wealth instead of being dependent on the pittance that SS pays

 

[Polishprince]

SS needs a reset

Removing the current cap will do that
If you make a million dollars a year, you only pay SS on the first $133,000

That's true enough, but you pay a higher marginal rate in federal income tax.

How much do you libs really want to punish Success?

Remember, whatever you tax at a higher rate, you'll get less of. Raising the tax on cigarettes reduced smoking, raising the tax on Success will mean less success and more failure.

 

[Polishprince]

Great move by our President

More agents mean more compliance with existing laws by our filthy rich

The "filthy rich" are already audited with fine tooth combs. This is to terrorize the Middle Class, who have to be punished for rejecting Brandon.

 

[rightwinger]

SS needs to be revamped alright.

Let people keep their money in privately held accounts so they can actually create wealth instead of being dependent on the pittance that SS pays

Nothing stops you from you and your employer contributing to an IRA or 401k

SS provides a pension and also covers you if you are sick or injured and provides payments to survivors

 

[rightwinger]

raising the tax on Success will mean less success and more failure.

 

[Blues Man]

Nothing stops you from you and your employer contributing to an IRA or 401k

SS provides a pension and also covers you if you are sick or injured and provides payments to survivors

Add that 12% of your life time income to what is confiscated by SS to your ROTH 401k and what do you get?

You get wealthy enough to retire early AND live in style in retirement AND you get to leave a lot of money to your heirs

 

[Penelope]

The republican wont go for it, the republicans want to stop SS and Medicare.

 

[Penelope]

That's true enough, but you pay a higher marginal rate in federal income tax.

How much do you libs really want to punish Success?

Remember, whatever you tax at a higher rate, you'll get less of. Raising the tax on cigarettes reduced smoking, raising the tax on Success will mean less success and more failure.

Then they will make more money.

 

[Polishprince]

The republican wont go for it, the republicans want to stop SS and Medicare.

That's really not true.

They just don't want to destroy the country by increasing the size of this program .

If the Federal Government wants to help seniors, they should eliminate the tax on Social Security benefits so that us old people can have more money to spend.

 

[Penelope]

Manchin and Sinema we need your vote.

 

[Polishprince]

Then they will make more money.

Just like people bought more cigarettes when the tax went up on that?

No, hun.

If you punish people for an action, they'll do LESS of it, not more.

 

[iceberg]

Great move by our President

More agents mean more compliance with existing laws by our filthy rich

God you are so full of shit.

 

[Penelope]

Most seniors don't work.