We had best raise the taxable cap on Social Security.

[Penelope]

Starting Jan. 1, 2021, the maximum earnings subject to the Social Security payroll tax will increase by $5,100 to $142,800—up from the $137,700 maximum for 2020, the Social Security Administration (SSA) announced Oct. 13. The SSA also posted a fact sheet summarizing the 2021 changes.

The taxable wage cap is subject to an automatic cost-of-living adjustment (COLA) each year based on increases in the national average wage index, calculated annually by the SSA.

2021 Wage Cap Rises for Social Security Payroll Taxes (shrm.org)

Rick Scott and Hinley (running for senate) that SS is running dry.
PolitiFact | GOP Senate candidate Hinckley says there is no money in Social Security

Examining Rick Scott's Claim That Medicare, Social Security Will Soon Go 'Bankrupt' - FactCheck.org
-----------------------------------------------------------------
We best do something before it runs dry.

 

[Hang on Sloopy]

Starting Jan. 1, 2021, the maximum earnings subject to the Social Security payroll tax will increase by $5,100 to $142,800—up from the $137,700 maximum for 2020, the Social Security Administration (SSA) announced Oct. 13. The SSA also posted a fact sheet summarizing the 2021 changes.

The taxable wage cap is subject to an automatic cost-of-living adjustment (COLA) each year based on increases in the national average wage index, calculated annually by the SSA.

2021 Wage Cap Rises for Social Security Payroll Taxes (shrm.org)

Rick Scott and Hinley (running for senate) that SS is running dry.
PolitiFact | GOP Senate candidate Hinckley says there is no money in Social Security

Examining Rick Scott's Claim That Medicare, Social Security Will Soon Go 'Bankrupt' - FactCheck.org
-----------------------------------------------------------------
We best do something before it runs dry.

OMG. Your ilk bankrupted this country over decades on pork bullshit. Same with the NON trust fund

We should take every one of you GD libturds benefits. That will solve it

 

[Meister]

Might want to keep the politicians mitts out of the cookie jar too

 

[Penelope]

Boosting Social Security’s payroll tax revenue also is justified by recent trends: Social Security’s tax base has eroded since the last time policymakers addressed solvency in 1983, largely due to increased inequality and the rising cost of non-taxed fringe benefits, such as health insurance. And it enjoys broad support: the majority of Americans oppose cuts to Social Security and support strengthening the program by contributing more in taxes.

This paper presents three approaches to increasing payroll taxes that would improve the program’s solvency:

• Increasing or eliminating Social Security’s cap on taxable wages, now $118,500 a year. Raising the cap would help mitigate the erosion of Social Security’s payroll tax base caused by rising wage inequality. Most workers’ taxes would not change, while the degree of increase in high earners’ taxes would depend on whether the cap were raised or eliminated. Raising the tax cap could increase higher earners’ benefits as well, depending on how policymakers treated newly taxed earnings. Changes to the tax cap could close roughly a quarter to nearly nine-tenths of Social Security’s solvency gap, depending on how they were structured.

Increasing Payroll Taxes Would Strengthen Social Security | Center on Budget and Policy Priorities

Social Security faces a significant — though manageable — long-term funding shortfall, which policymakers should address primarily by increasing Social Security’s tax revenues.

www.cbpp.org

Wow it was only 118,500 in 2015 and now it's 142,800 ,hardly an increase.

 

[DGS49]

Why is there a cap? Seriously.

Why are capital gains exempt from the Payroll Tax? Why not 1%? It would raise a ton of money.

Retired people are the wealthiest demographic. Why isn't SS adjusted for wealth and other income? It is a "welfare" program, after all. Then, maybe they could raise the payments for those who really need it.

Social Security "Trust Fund"? Gimmeafukkinbreak.

 

[Meister]

Boosting Social Security’s payroll tax revenue also is justified by recent trends: Social Security’s tax base has eroded since the last time policymakers addressed solvency in 1983, largely due to increased inequality and the rising cost of non-taxed fringe benefits, such as health insurance. And it enjoys broad support: the majority of Americans oppose cuts to Social Security and support strengthening the program by contributing more in taxes.

This paper presents three approaches to increasing payroll taxes that would improve the program’s solvency:

• Increasing or eliminating Social Security’s cap on taxable wages, now $118,500 a year. Raising the cap would help mitigate the erosion of Social Security’s payroll tax base caused by rising wage inequality. Most workers’ taxes would not change, while the degree of increase in high earners’ taxes would depend on whether the cap were raised or eliminated. Raising the tax cap could increase higher earners’ benefits as well, depending on how policymakers treated newly taxed earnings. Changes to the tax cap could close roughly a quarter to nearly nine-tenths of Social Security’s solvency gap, depending on how they were structured.

Increasing Payroll Taxes Would Strengthen Social Security | Center on Budget and Policy Priorities

Social Security faces a significant — though manageable — long-term funding shortfall, which policymakers should address primarily by increasing Social Security’s tax revenues.

www.cbpp.org

Wow it was only 118,500 in 2015 and now it's 142, hardly an increase.

Might want to keep the politicians mitts out of the cookie jar too

 

[Penelope]

Why is there a cap? Seriously.

Why are capital gains exempt from the Payroll Tax? Why not 1%? It would raise a ton of money.

Retired people are the wealthiest demographic. Why isn't SS adjusted for wealth and other income? It is a "welfare" program, after all. Then, maybe they could raise the payments for those who really need it.

Social Security "Trust Fund"? Gimmeafukkinbreak.

why isn't it raised, is the question.

 

[Concerned American]

Starting Jan. 1, 2021, the maximum earnings subject to the Social Security payroll tax will increase by $5,100 to $142,800—up from the $137,700 maximum for 2020, the Social Security Administration (SSA) announced Oct. 13. The SSA also posted a fact sheet summarizing the 2021 changes.

The taxable wage cap is subject to an automatic cost-of-living adjustment (COLA) each year based on increases in the national average wage index, calculated annually by the SSA.

2021 Wage Cap Rises for Social Security Payroll Taxes (shrm.org)

Rick Scott and Hinley (running for senate) that SS is running dry.
PolitiFact | GOP Senate candidate Hinckley says there is no money in Social Security

Examining Rick Scott's Claim That Medicare, Social Security Will Soon Go 'Bankrupt' - FactCheck.org
-----------------------------------------------------------------
We best do something before it runs dry.

It's been dry for a long time. SS is funded mostly from payroll taxes--the remainder comes from the general fund because congress drained the trust fund many years ago.

 

[Penelope]

We need to do something, in this way the rich would pay their fair share. Should be 500,000 at least.

 

[Penelope]

They didn't know how many millionaires and billionaires there are nowadays.

 

[Meister]

We need to do something, in this way the rich would pay their fair share. Should be 500,000 at least.

The rich, the rich, the rich
You communists got to get in the pockets of the wealthy given any opportunity.
Fuck you

 

[imawhosure]

Boosting Social Security’s payroll tax revenue also is justified by recent trends: Social Security’s tax base has eroded since the last time policymakers addressed solvency in 1983, largely due to increased inequality and the rising cost of non-taxed fringe benefits, such as health insurance. And it enjoys broad support: the majority of Americans oppose cuts to Social Security and support strengthening the program by contributing more in taxes.

This paper presents three approaches to increasing payroll taxes that would improve the program’s solvency:

• Increasing or eliminating Social Security’s cap on taxable wages, now $118,500 a year. Raising the cap would help mitigate the erosion of Social Security’s payroll tax base caused by rising wage inequality. Most workers’ taxes would not change, while the degree of increase in high earners’ taxes would depend on whether the cap were raised or eliminated. Raising the tax cap could increase higher earners’ benefits as well, depending on how policymakers treated newly taxed earnings. Changes to the tax cap could close roughly a quarter to nearly nine-tenths of Social Security’s solvency gap, depending on how they were structured.

Increasing Payroll Taxes Would Strengthen Social Security | Center on Budget and Policy Priorities

Social Security faces a significant — though manageable — long-term funding shortfall, which policymakers should address primarily by increasing Social Security’s tax revenues.

www.cbpp.org

Wow it was only 118,500 in 2015 and now it's 142,800 ,hardly an increase.

Penelope, you know I NEVER agree with you, but this time I will on 3 conditions------->

1. All the money taken in is put in a LOCKBOX, and can NOT be used for any general purpose funds until SS is totally solvent, and has a 10% surplus, then and only then, can even the surplus be touched.

2. We are living longer, so anyone under 50 eligibility age is raised to a higher retirement age. This gives them time to prepare for the future, and it doesn't throw a curveball to people that are older that set up their retirement on the old rules.

3. SS is means tested by total income. You receive between 100%, and no less than 75% of your benefit. The total is based on total income, from previous years taxes. In this manner, because of the high threshold of the bottom end, Americans will still see it as reasonable to support the SS system.

 

[DGS49]

No General Fund money has ever been spent on Social Security benefits.

While the Trust Fund is seen by many as nothing more than an accounting gimmick, it was necessary in order for SS to pass Constitutional muster. Congress has NO POWER to create a compulsory retirement system WITH TAX DOLLARS, so it was created to operate out of a separate "trust fund," created with a separate "Payroll Tax," and using no general fund (income tax) money. The same is true of Medicare.

When the Boomers started dumping huge amounts into the Trust Fund, those surpluses were borrowed by the General Fund, with figurative IOU's going into the trust fund. We are now burning through those IOU's and they will be depleted within a few years. Therefore it is necessary for Congress to do something to get more money into the trust fund to maintain the fiction that keeps SS alive, constitutionally.

Increase the cap. Increase the employer's share of the payroll tax. Cutting benefits will never fly, because old bastards like me VOTE. It is for this reason that one speaks of SS as the "third rail" of federal politics; if you touch it, you die.

 

[Penelope]

The proportion of employees’ compensation subject to Social Security payroll taxes has shrunk significantly since policymakers last addressed Social Security’s solvency, as Figure 2 shows. In 1983, nearly three-quarters of employees’ compensation was subject to Social Security payroll taxes; in 2015, less than two-thirds was. Two of the major reasons for the lagging tax base are increased wage inequality and the rising share of employee compensation that goes to health care coverage.

Increasing Payroll Taxes Would Strengthen Social Security | Center on Budget and Policy Priorities

Social Security faces a significant — though manageable — long-term funding shortfall, which policymakers should address primarily by increasing Social Security’s tax revenues.

www.cbpp.org

we have a right to take care of older Americans.

 

[Meister]

The proportion of employees’ compensation subject to Social Security payroll taxes has shrunk significantly since policymakers last addressed Social Security’s solvency, as Figure 2 shows. In 1983, nearly three-quarters of employees’ compensation was subject to Social Security payroll taxes; in 2015, less than two-thirds was. Two of the major reasons for the lagging tax base are increased wage inequality and the rising share of employee compensation that goes to health care coverage.

Increasing Payroll Taxes Would Strengthen Social Security | Center on Budget and Policy Priorities

Social Security faces a significant — though manageable — long-term funding shortfall, which policymakers should address primarily by increasing Social Security’s tax revenues.

www.cbpp.org

Might want to keep the politicians from raiding the kitty, Penny.

 

[Concerned American]

No General Fund money has ever been spent on Social Security benefits.

While the Trust Fund is seen by many as nothing more than an accounting gimmick, it was necessary in order for SS to pass Constitutional muster. Congress has NO POWER to create a compulsory retirement system WITH TAX DOLLARS, so it was created to operate out of a separate "trust fund," created with a separate "Payroll Tax," and using no general fund (income tax) money. The same is true of Medicare.

When the Boomers started dumping huge amounts into the Trust Fund, those surpluses were borrowed by the General Fund, with figurative IOU's going into the trust fund. We are now burning through those IOU's and they will be depleted within a few years. Therefore it is necessary for Congress to do something to get more money into the trust fund to maintain the fiction that keeps SS alive, constitutionally.

Increase the cap. Increase the employer's share of the payroll tax. Cutting benefits will never fly, because old bastards like me VOTE. It is for this reason that one speaks of SS as the "third rail" of federal politics; if you touch it, you die.

I have to disagree with your statement re: the general fund. The figurative IOUs that you speak of are paid from the US treasury--or the general fund. How is Social Security Funded?

 

[Mr Natural]

Raise the cap?

How about eliminate it altogether!

 

[Concerned American]

Raise the cap?

How about eliminate it altogether!

Starting when your turn comes up, eh?

 

[Penelope]

Raise the cap?

How about eliminate it altogether!

that would be great, eliminate the cap.

and a larger cap tax is Medicare.
Medicare tax rate is 1.45%, that is hardly doing it.

Report Finds Medicare Could Run Out of Funds as Early as 2022. A report from Medicare's trustees in April 2020 estimated that the program's Part A trust fund, which subsidizes hospital and other inpatient care, would begin to run out of money in 2026.Dec 30, 2021

Report Finds Medicare Could Run Out of Funds as Early as ...​

medicare is running out of money - Google Search

 

[Meister]

that would be great, eliminate the cap.

and a larger cap tax is Medicare.
Medicare tax rate is 1.45%, that is hardly doing it.

Report Finds Medicare Could Run Out of Funds as Early as 2022. A report from Medicare's trustees in April 2020 estimated that the program's Part A trust fund, which subsidizes hospital and other inpatient care, would begin to run out of money in 2026.Dec 30, 2021

Report Finds Medicare Could Run Out of Funds as Early as ...​

medicare is running out of money - Google Search

Sounds like it's time to reign in the spending and quit hitting up the tax payers.