Democrats Propose A Different Kind Of Social Security Overhaul

[skews13.]

The bicameral bill, the Medicare and Social Security Fair Share Act, was reintroduced by Sen. Sheldon Whitehouse (D-R.I.) and Rep. Brendan Boyle (D-Pa.), with the aim of requiring people with yearly incomes of more than $400,000 to contribute a fairer share of their wealth to the two programs. It would also increase the Medicare tax rate for income above $400,000 by 1.2% and include a provision ensuring owners of hedge funds and private equity firms can no longer avoid Medicare taxes.

'Rigged for the rich': Dems propose a different kind of Social Security overhaul

Social Security and Medicare protect tens of millions of American senior citizens from poverty and medical bankruptcy each year, but economic justice advocates have long said the programs would be strengthened and remain fully solvent for as long as possible if the richest Americans contributed...

www.alternet.org

 

[Phys251]

The bicameral bill, the Medicare and Social Security Fair Share Act, was reintroduced by Sen. Sheldon Whitehouse (D-R.I.) and Rep. Brendan Boyle (D-Pa.), with the aim of requiring people with yearly incomes of more than $400,000 to contribute a fairer share of their wealth to the two programs. It would also increase the Medicare tax rate for income above $400,000 by 1.2% and include a provision ensuring owners of hedge funds and private equity firms can no longer avoid Medicare taxes.

'Rigged for the rich': Dems propose a different kind of Social Security overhaul

Social Security and Medicare protect tens of millions of American senior citizens from poverty and medical bankruptcy each year, but economic justice advocates have long said the programs would be strengthened and remain fully solvent for as long as possible if the richest Americans contributed...

www.alternet.org

This is more like what should happen. But until we relegate the Repub party to minority status again, this won't get through.

 

[noonereal]

It makes sense. It has no chance.

 

[VySky]

Raising the cap set now at $176,000 makes sense. At the same time though the cap of $5,108 maximum payment needs raised in proportion to cap increases.

 

[MamboDervish]

The bicameral bill, the Medicare and Social Security Fair Share Act, was reintroduced by Sen. Sheldon Whitehouse (D-R.I.) and Rep. Brendan Boyle (D-Pa.), with the aim of requiring people with yearly incomes of more than $400,000 to contribute a fairer share of their wealth to the two programs. It would also increase the Medicare tax rate for income above $400,000 by 1.2% and include a provision ensuring owners of hedge funds and private equity firms can no longer avoid Medicare taxes.

'Rigged for the rich': Dems propose a different kind of Social Security overhaul

Social Security and Medicare protect tens of millions of American senior citizens from poverty and medical bankruptcy each year, but economic justice advocates have long said the programs would be strengthened and remain fully solvent for as long as possible if the richest Americans contributed...

www.alternet.org

Incomes more than $400,000 - right at the threshold of enough wealth to at least influence, if not outright buy the politicians who would vote on this proposal. It's fun to watch how these things shake out. Will this even make the news cycle as we near the midterms? I can't wait to find out.

 

[ttwtt78640]

The bicameral bill, the Medicare and Social Security Fair Share Act, was reintroduced by Sen. Sheldon Whitehouse (D-R.I.) and Rep. Brendan Boyle (D-Pa.), with the aim of requiring people with yearly incomes of more than $400,000 to contribute a fairer share of their wealth to the two programs. It would also increase the Medicare tax rate for income above $400,000 by 1.2% and include a provision ensuring owners of hedge funds and private equity firms can no longer avoid Medicare taxes.

'Rigged for the rich': Dems propose a different kind of Social Security overhaul

Social Security and Medicare protect tens of millions of American senior citizens from poverty and medical bankruptcy each year, but economic justice advocates have long said the programs would be strengthened and remain fully solvent for as long as possible if the richest Americans contributed...

www.alternet.org

Not mentioned is whether those (proposed) increased SS ‘contributions’ would result in higher SS benefits for “the rich”.

 

[Individual]

The bicameral bill, the Medicare and Social Security Fair Share Act, was reintroduced by Sen. Sheldon Whitehouse (D-R.I.) and Rep. Brendan Boyle (D-Pa.), with the aim of requiring people with yearly incomes of more than $400,000 to contribute a fairer share of their wealth to the two programs. It would also increase the Medicare tax rate for income above $400,000 by 1.2% and include a provision ensuring owners of hedge funds and private equity firms can no longer avoid Medicare taxes.

'Rigged for the rich': Dems propose a different kind of Social Security overhaul

Social Security and Medicare protect tens of millions of American senior citizens from poverty and medical bankruptcy each year, but economic justice advocates have long said the programs would be strengthened and remain fully solvent for as long as possible if the richest Americans contributed...

www.alternet.org

OR, Social Security and Medicare could be permanently fixed.

This bill.

 

[Individual]

Raising the cap set now at $176,000 makes sense. At the same time though the cap of $5,108 maximum payment needs raised in proportion to cap increases.

A proper fix would eliminate the cap, and solve the Social Security and Medicare issue permanently.
It would also eliminate the FICA tax and associated trust funds.

 

[rahl]

Raising the cap set now at $176,000 makes sense. At the same time though the cap of $5,108 maximum payment needs raised in proportion to cap increases.

No it doesn’t

 

[rahl]

Not mentioned is whether those (proposed) increased SS ‘contributions’ would result in higher SS benefits for “the rich”.

It shouldn’t. They don’t need it.

 

[Individual]

Not mentioned is whether those (proposed) increased SS ‘contributions’ would result in higher SS benefits for “the rich”.

If not, I would find a way to avoid the FICA tax as many currently do.

 

[VySky]

It shouldn’t. They don’t need it.

Its not your call to determine what someone needs or doesn't need.

 

[The Populist Right]

It would make SS solvent indefinitely.

Of course (IMO) the GOP plan is to raise the national debt to a critical point where it'll be easier to downsize or privatize SS.

 

[BirdinHand]

Raising the cap set now at $176,000 makes sense. At the same time though the cap of $5,108 maximum payment needs raised in proportion to cap increases.

Unemployment has a maximum payout no matter how much you contribute.

Social Security can operate just the same.

It is meant as a baseline minimum income, not a full retirement pension. There is no need to raise the maximum payout.

 

[VanceMack]

It makes absolutely no sense requiring wealthy to pay more than the benefits they will receive just because they are more wealthy. The proposals are just more typical leftist fiscal penis envy.

 

[aociswundumho]

Not mentioned is whether those (proposed) increased SS ‘contributions’ would result in higher SS benefits for “the rich”.

They kind of have to because the left always wants to maintain the illusion that SS is some type of insurance policy. Taxing high earners more without proportionally increasing their benefits makes it feel more like a welfare program and could erode public support, which would be great.

 

[GIJane]

What's the catch? There's always a catch.

 

[Hamish Howl]

It makes absolutely no sense requiring wealthy to pay more than the benefits they will receive just because they are more wealthy. The proposals are just more typical leftist fiscal penis envy.

I'm glad you're here to defend those poor billionaires.

 

[aociswundumho]

The bicameral bill, the Medicare and Social Security Fair Share Act, was reintroduced by Sen. Sheldon Whitehouse (D-R.I.) and Rep. Brendan Boyle (D-Pa.), with the aim of requiring people with yearly incomes of more than $400,000 to contribute a fairer share of their wealth to the two programs.

Charging people more money for something they don't want in the first place increases "fairness."

 

[dmpi]

The goal shouldn't be to penalize a small percentage of the population rather the goal should be to make it that one's return or benefits from SS and medicare matches ones contributions into the system. Bottom like is we're too generous giving out benefits and now that demographics show a shrinking the workforce we're paying the price.

 

[ttwtt78640]

It shouldn’t. They don’t need it.

OK, but why create a ‘donut hole’ instead of simply raising the FICA ‘payroll’ tax cap? Could it be to avoid making it apply to (most) congress critters?

 

[dmpi]

It shouldn’t. They don’t need it.

We're not talking about what people need, rather we're talking about what they deserve. Remember there was no option for people to opt-out of the program. The burden is on us to give everyone a fair shake.

 

[rahl]

Its not your call to determine what someone needs or doesn't need.

Of course it is. I’m a US tax payer and voter.

 

[rahl]

OK, but why create a ‘donut hole’ instead of simply raising the FICA ‘payroll’ tax cap? Could it be to avoid making it apply to (most) congress critters?

I don’t want to create a donut hole. The contribution cap needs eliminated.

 

[rahl]

We're not talking about what people need, rather we're talking about what they deserve. Remember there was no option for people to opt-out of the program. The burden is on us to give everyone a fair shake.

it’s a tax they have to pay. Just like every other tax anyone has to pay.