'You earned it, you keep it act' bill would eliminate taxes on Social Security

There should not be taxes on funds that were confiscated.
But they are paying for it by increasing the max income that you have to pay social sec. At least that is the way I read it the other day. I like the premise but just cut spending.

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-raises the cap on SS tax from 168K to 250

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That's going to be a no from me, dawg

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raises the cap on SS tax from 168K to 250K

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This is wrong. It doesn’t have a cap. It goes from $1 to $168k then 0 from $168k-250k then it resumes paying from 250k+. That’s how it’s generating so much revenue to stop having people pay taxes on SS AND make it solvent for another 20 years AND cut deficit spending by some trillions.

why don’t they get rid of SS alltogether. If you can’t make enough money to save for retirement (2nd, 3rd jobs etc) then you deserve to work until you’re dead. IMO.

Any change to ss that does not convert funds to investment vehicles is batshit.

So it’s a tax increase for everyone making $250k or more

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'You earned it, you keep it act'

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raises the cap on SS tax from 168K to 250K

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So you keep less of what you earn. Sounds like it is all an act.

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-extends the program's solvency by 20 years

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Then what?

They should be eliminating this failed tax, not the tax on the benefit. I would gladly give up my accrued benefits to never have to pay into it again. But we are all stuck in this Ponzi scheme.

Someone making $250k would potentially pay $30k per year into this system, and not be allowed to contribute to a tax advantaged retirement plan.

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raises the cap on SS tax from 168K to 250K

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frick. frick. frick.

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raises the cap on SS tax from 168K to 250K

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I would be willing to accept this if I thought our government was run efficiently and this was what was needed to keep the program solvent. But it isn’t…so I won’t.

I don’t know what the math is, but what across the board spending cut would be needed to shore up SS ? 2%? 5%?

Do that before you take my more of my money and send it to Ukraine.

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-raises the cap on SS tax from 168K to 250K

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No.

It doesn't touch taxes between 168K and 250K.
It would "fill the trust fund’s coffers" by applying a Social Security tax to all earnings above $250,000.

Social security tax is 12.4%
Currently tax rates from ~$250K to $609 are 35%. Above $609, they are 37%.

The Craig tax would constitute a 12.4% tax hike for employed earners in those two tax brackets.

i.e.,

>$250K = 47.4%
>$609K = 49.4%