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Raise the Social Security cap to $250,000 - 5/24/2012 1:10:34 PM   
Musicmystery


Posts: 30259
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Status: offline 		Sander's proposed legislation is long overdue.





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RE: Raise the Social Security cap to $250,000 - 5/24/2012 1:23:18 PM   
DomKen


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Status: offline 		Better would be to eliminate the cap entirely.

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RE: Raise the Social Security cap to $250,000 - 5/24/2012 1:40:21 PM   
Musicmystery


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Status: offline 		First learn walk, then learn fly, Daniel-san.

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RE: Raise the Social Security cap to $250,000 - 5/24/2012 1:41:48 PM   
MileHighM


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Status: offline 		Until you tie it to other forms of 'income' like cap gains, it really is more of a stunt to make such claims.

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RE: Raise the Social Security cap to $250,000 - 5/24/2012 1:42:50 PM   
mnottertail


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Status: offline 		And exactly how is that possibly true? 

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RE: Raise the Social Security cap to $250,000 - 5/24/2012 1:45:47 PM   
MileHighM


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Status: offline 		Ask Buffet, he pays less of a tax rate than his secretary right? Well SSI taxes are based on wages, billionaires don't make 'wages,' Therefore they would pay no more regardless of the cap

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RE: Raise the Social Security cap to $250,000 - 5/24/2012 1:53:27 PM   
Musicmystery


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Status: offline 		We're talking $250,000 here.

There are just over 400 billionaires in the U.S. -- I don't think they're going to turn the tide on this one.

Sanders point remains--the $110,000 mark is an outdated cap.

Fewer than 3% of tax returns are over $250,000. It's a very inclusive cap number.



< Message edited by Musicmystery -- 5/24/2012 1:55:13 PM >

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RE: Raise the Social Security cap to $250,000 - 5/24/2012 1:57:32 PM   
MileHighM


Posts: 400
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Status: offline 		What increase in revenue are we talking about here in $'s and as a %? I still think you are going to have to more, even if it is raising the age of retirement a couple of years

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RE: Raise the Social Security cap to $250,000 - 5/24/2012 2:09:09 PM   
mnottertail


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Status: offline 		There is every chance in the world that Mr Buffett, et al, will not fucking deign to bother with the reams of paperwork (does buffet take ss now?)  to collect there measly 14K a year when they spend as much on toilet paper per month.

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RE: Raise the Social Security cap to $250,000 - 5/24/2012 2:10:38 PM   
MileHighM


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Status: offline 		It is not about him collecting, it is about him paying 'his fair share.'

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RE: Raise the Social Security cap to $250,000 - 5/24/2012 2:12:19 PM   
Musicmystery


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Status: offline 		The increase in revenue is from 0% on $110-$250,000 to whatever the FICA rates are at the time (I fear the current 6% "holiday" will never end, as it will always be screamed about as a "tax increase"). That effects about 12-15% of the population. And of course to be collecting this during the current 25 years of surplus left. This also puts us past the baby boomer issue.

The reason for doing more has nothing to do with SS -- it's to address the debt crisis caused by borrowing the SS funds but never having a means of paying it back.



< Message edited by Musicmystery -- 5/24/2012 2:15:52 PM >

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RE: Raise the Social Security cap to $250,000 - 5/24/2012 2:17:04 PM   
mnottertail


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quote:

ORIGINAL: MileHighM

It is not about him collecting, it is about him paying 'his fair share.'


people who make less than 125K a year, even 1K a year pay ss tax on their entire income.....'fair share'  is not in the universe of thought.

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Have they not divided the prey; to every man a damsel or two? Judges 5:30


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RE: Raise the Social Security cap to $250,000 - 5/24/2012 2:18:50 PM   
Musicmystery


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Status: offline 		The 2011 cap is (the same as in 2010) $106,800.00, at which point the Social Security amount withheld would be $6,621.60 (6.2%).

Read more: http://wiki.answers.com/Q/What_is_the_2011_Social_Security_tax_cap#ixzz1vpAU1FwZ

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RE: Raise the Social Security cap to $250,000 - 5/24/2012 2:19:34 PM   
MileHighM


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Status: offline 		Oh I understand that, the trust was looted and replaced by treasury bills (a practice I am not totally opposed to if our fiscal house is order). And with the 6% "holiday", yes, a dangerous situation as well. But really when you consider your argument, maybe our biggest concern is stabilizing debt by more conventional means rather than sliding it in behind SS fears and placing the burdon solely on 'wage' earners.

< Message edited by MileHighM -- 5/24/2012 2:22:37 PM >

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RE: Raise the Social Security cap to $250,000 - 5/24/2012 2:25:02 PM   
Musicmystery


Posts: 30259
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Status: offline 		No one is suggesting we only do this.

Addressing the national debt will require:
1) changes to SS and Medicaid (this is a change to SS)
2) cuts, including defense
3) increasing taxes.

All three.

This measure is about addressing the SS piece.

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RE: Raise the Social Security cap to $250,000 - 5/24/2012 2:29:07 PM   
MileHighM


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Status: offline 		I would like to actually see #2 happen....Usually when a politician claims they cut anything, it wasn't out of the actual budget, just the wishes and wants budget. I will sign up for #3 if I were to see a real cut in spending over previous years

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RE: Raise the Social Security cap to $250,000 - 5/24/2012 2:30:32 PM   
Musicmystery


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Status: offline 		And instead--the House just voted to INCREASE military spending...and to buy the military things it doesn't want.

In fact, it will fuck up the military's budget, because these things then need staffing, fueling, oversight, etc., which has to be drawn from resources elsewhere.

< Message edited by Musicmystery -- 5/24/2012 2:31:43 PM >

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RE: Raise the Social Security cap to $250,000 - 5/24/2012 2:35:50 PM   
MileHighM


Posts: 400
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Status: offline 		Of course, R or D, the motto is spend spend spend.... buy them votes!!!

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RE: Raise the Social Security cap to $250,000 - 5/24/2012 9:19:00 PM   
LookieNoNookie


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quote:

ORIGINAL: Musicmystery

Sander's proposed legislation is long overdue.








Music.....you're missing the largest point;

Why is there a cap?

If you earn income....you pay SSI.

Done.

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RE: Raise the Social Security cap to $250,000 - 5/24/2012 9:25:16 PM   
Musicmystery


Posts: 30259
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Status: offline 		It's not done if we can't pass it. Start where we can, work from there.

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