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Democrats Propose A Different Kind Of Social Security Overhaul (1 Viewer)

skews13. said:
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.

www.alternet.org

'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 www.alternet.org
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so their fair share isn't enough

now, its a fairer share

LOL
 
rahl said:
it’s a tax they have to pay. Just like every other tax anyone has to pay.
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Nope, since one’s SS benefit amount is based on their own (highest 35 years of) FICA ‘payroll’ tax ‘contributions’.
 
skews13. said:
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.

www.alternet.org

'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 www.alternet.org
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Yes, tax the rich. Thats the leftist Rx for everything.
 
ttwtt78640 said:
Nope, since one’s SS benefit amount is based on their own (highest 35 years of) FICA ‘payroll’ tax ‘contributions’.
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Which is what needs eliminated. Someone making more than $250k a year doesn’t need social security benefits.
 
ttwtt78640 said:
OK, but that would apply to congress critters and increase the SS benefits of “the rich”.
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No. Their benefits don’t need to increase. Just remove the contribution cap
 
I feel like it should be obvious. Companies like Amazon, Walmart, McDonalds etc make a lot of money paying people wages that put them in poverty or barely above poverty. We aren't even asking them to pay for these people's retirement, just kick in a bit more.
 
rahl said:
Which is what needs eliminated. Someone making more than $250k a year doesn’t need social security benefits.
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OK, then why should they pay more in SS FICA ‘payroll’ taxes? The reason for the cap is to limit their SS ‘contributions’ and benefits.
 
From the OP's article.

It isn't creating a "donut hole" in terms of the $176K (current cap) and the $400K (no threshold).

The legislation appears to lift the cap. That would apply to anyone with FICA taxes capped at $176K.

However, for individuals with the $400K and greater figure there will be an ADDITIONAL 1.2% used to fund Medicare.

WW
 
Fletch said:
For those adults with the childlike belief that someone else should pay their way through life, yes.
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All I've ever asked is the promise the government made me will be kept. I never expected anyone else to pay my way through life. I worked for 52+ years paying into MY retirement and now realize there is a possibility those benefits could be reduced.
 
ttwtt78640 said:
You’re quite generous with other people’s money. ;)
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It’s how taxes work. It’s no different than having your property taxes used for local schools, despite not having children, or school aged children in that district.
 
rahl said:
It’s how taxes work. It’s no different than having your property taxes used for local schools, despite not having children, or school aged children in that district.
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State/local property taxes are very different than federal income or ‘payroll’ taxes.
 
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