As a former trustee of Social Security, I'm worried the program is in danger of running dry. Why?
As the rich have gotten richer, more of their income has escaped the cap on the SS payroll tax.
We can fix this by scrapping the cap. Watch.
As the rich have gotten richer, more of their income has escaped the cap on the SS payroll tax.
We can fix this by scrapping the cap. Watch.
Comments
https://bsky.app/profile/avraam.bsky.social/post/3lcsy4uabus2e
Why not just progressively tax consumption?
https://bsky.app/profile/avraam.bsky.social/post/3lcieb4lf6c2x
You get lower inflation and higher growth, which serves us far better.
There'll be no "fixing" of Social Security in the next 4yrs unless "fixing" equates to "destroying" and putting that money in the hands of Chump and the Chosen.
🫏🤡🫏🤡
Please update.
All talk, no action!
🧢
Thank you, professor!
🧢
https://sign.moveon.org/petitions/bring-the-social-security-fairness-act-before-the-u-s-senate-for-a-vote?akid=417614.59116458.A8fecn&rd=1&source=mo&t=1
Rethugs own the current and future house or reps… thus not a chance in hell
If Biden is willing to tackle anything significant this late in his term, then let them say "Nyet" yet again. It just helps clarify that Dems want to make America More Great while the Rs just hate.
Why only raise it to $400k? That's just more working stiffs' money! People earning 1 mil or even 1 bil shouldn't hit a cap either.
But an immediate rise to 400k will help
Finally someone who realizes the importance of Taxes.
As a side note, can you tell me if SS Benefits calculations have some sort of cap built in that untaxed wages do NOT get included for that calculation?
Or is that just a continuing post-retirement way to facilitate wealth transfer to the wealthy, higher benefits for them?
Instead, it could be made whole with fairly minor adjustments.
2. Keep FICA cutoff up to $500k annual. Then anything over $500k full 7.65%
#ScrapSSTaxCap
"it would eliminate the cap for earnings over $250,000, and investment earnings over $200,000"
That could hit upper middle class instead of the uber wealthy