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Message
Bernie plans to raise the cap on SS payroll tax to $250k
Posted on 2/25/20 at 11:21 am
Posted on 2/25/20 at 11:21 am
Bernie’s bill to expand Social Security will increase benefits for low-income senior citizens and people with disabilities by more than $1,300 a year. It is fully paid for by making the wealthiest 1.8 percent of Americans – those with incomes over $250,000 a year – pay the same rate into Social Security as working families.
Because if you make over $250k you're not part of a working family?
At a time of massive income and wealth inequality, the wealthiest Americans in this country must pay their fair share into the system. Today, a billionaire pays the same amount of money into Social Security as someone who makes $132,900 a year because the Social Security payroll tax is capped.
(Trump actually raised the cap to $137,700 for 2020, but...)
Bernie’s Social Security plan would lift this cap and apply the payroll tax on all income over $250,000.
LINK
By way of background, workers must pay 6.2% of their earnings up to the taxable maximum amount into Social Security. And they must pay 1.45% of all their earnings into Medicare. Your employer matches, up to the taxable maximum, these percentages for a total of 15.3%. Self-employed workers, meanwhile, must pay 15.3% of their earnings in federal payroll taxes, otherwise known as FICA – the Federal Insurance Contributions Act tax.
LINK
And see I thought fair meant being equal or the same or equitable.
People who earn more money already pay more in taxes. The fairness is that they pay the same percent.
Because if you make over $250k you're not part of a working family?
At a time of massive income and wealth inequality, the wealthiest Americans in this country must pay their fair share into the system. Today, a billionaire pays the same amount of money into Social Security as someone who makes $132,900 a year because the Social Security payroll tax is capped.
(Trump actually raised the cap to $137,700 for 2020, but...)
Bernie’s Social Security plan would lift this cap and apply the payroll tax on all income over $250,000.
LINK
By way of background, workers must pay 6.2% of their earnings up to the taxable maximum amount into Social Security. And they must pay 1.45% of all their earnings into Medicare. Your employer matches, up to the taxable maximum, these percentages for a total of 15.3%. Self-employed workers, meanwhile, must pay 15.3% of their earnings in federal payroll taxes, otherwise known as FICA – the Federal Insurance Contributions Act tax.
LINK
And see I thought fair meant being equal or the same or equitable.
People who earn more money already pay more in taxes. The fairness is that they pay the same percent.
9
Posted on 2/25/20 at 11:38 am to BeNotDeceivedGal6_7
It is time to call SS what it is---welfare---it is welfare paid for with payroll taxes on working people and their employers.
It is bankrupt. It is a Ponzi scheme. The so called SS fund is nothing but US debt.
Somebody--either the democrats or the republicans but preferably both--should adopt the IBFreeman SS plan as their agenda.
1) end the 15% payroll tax (50% is paid from your wages and matched by your employer
2) implement a 10% forced savings (you can opt out if you agree to NEVER take SS) 5% from employee and 5% from employer that can then be deposited in the bank or in stocks or bonds. No cap on savings per year. All wages
3) implement a national sales tax to pay all SS benefits and adjust this tax annually
4) do not allow anyone to draw SS until the savings in #2 are gone---they can use those savings at the rate of what would be their SS monthly payments. After the savings are gone they can collect normal SS.
5) upon death the remaining savings are part of the estate and pass tax free to the SS savings of the next generation in the family or spouse.
This does two things and does them without interrupting present SS benefits
1) it provides a way for SS benefits to dramatically decline without hurting people. The amount we would pay out the first or second year with such of plan in place would be less than we are paying out now. After a few years the national sales tax would dramatically decline as it will be restricted to only collect what is need to fund SS benefits
2) it will create savings and estates for working Americans that are now being stolen by government. This alone will do more in 20 years to alleviate poverty than anything the government has ever done.
This accomplishes in a way what Bernie wants but he wouldn't like it. It does tax all consumption of rich and poor alike and it does take less from the working poor but it lets them keep it and he will not like that.
It is bankrupt. It is a Ponzi scheme. The so called SS fund is nothing but US debt.
Somebody--either the democrats or the republicans but preferably both--should adopt the IBFreeman SS plan as their agenda.
1) end the 15% payroll tax (50% is paid from your wages and matched by your employer
2) implement a 10% forced savings (you can opt out if you agree to NEVER take SS) 5% from employee and 5% from employer that can then be deposited in the bank or in stocks or bonds. No cap on savings per year. All wages
3) implement a national sales tax to pay all SS benefits and adjust this tax annually
4) do not allow anyone to draw SS until the savings in #2 are gone---they can use those savings at the rate of what would be their SS monthly payments. After the savings are gone they can collect normal SS.
5) upon death the remaining savings are part of the estate and pass tax free to the SS savings of the next generation in the family or spouse.
This does two things and does them without interrupting present SS benefits
1) it provides a way for SS benefits to dramatically decline without hurting people. The amount we would pay out the first or second year with such of plan in place would be less than we are paying out now. After a few years the national sales tax would dramatically decline as it will be restricted to only collect what is need to fund SS benefits
2) it will create savings and estates for working Americans that are now being stolen by government. This alone will do more in 20 years to alleviate poverty than anything the government has ever done.
This accomplishes in a way what Bernie wants but he wouldn't like it. It does tax all consumption of rich and poor alike and it does take less from the working poor but it lets them keep it and he will not like that.
This post was edited on 2/25/20 at 11:43 am
Posted on 2/25/20 at 11:43 am to I B Freeman
What does this have to do with China?
Posted on 2/25/20 at 11:44 am to I B Freeman
quote:yep but that's only bc the govt stole from it to bankroll wars. SS would have been fine for 100's of years otherwise.
It is bankrupt. It is a Ponzi scheme. The so called SS fund is nothing but US debt.
Posted on 2/25/20 at 11:47 am to I B Freeman
quote:
I B Freeman
just curious, how about just raising the ss age to 72? would this be along term solution or a bandaid?
Posted on 2/25/20 at 11:48 am to arcalades
You mean SS would be fine if the government did not run it.
I agree. Thus the Freeman plan to exit this arcane system destined to keep failing.
I agree. Thus the Freeman plan to exit this arcane system destined to keep failing.
Posted on 2/25/20 at 11:50 am to mikeytig
It will not solve the problem of sending this money to DC and then it being used for war or national health care or government raises ect.
The Freeman plan does nothing to benefits but provides a route away from government control of such important security for the elderly.
Why would anyone oppose it?
The Freeman plan does nothing to benefits but provides a route away from government control of such important security for the elderly.
Why would anyone oppose it?
This post was edited on 2/25/20 at 11:51 am
Posted on 2/25/20 at 11:52 am to BeNotDeceivedGal6_7
The wealthy people are gonna pay for everything. After the first year, the wealthy people will no longer be wealthy people. Then what other wealthy people is he gonna get to pay for all this?
Posted on 2/25/20 at 11:57 am to Charm299
Bernie is an idiot.
Like all socialist he is simply going to print money to pay for things if he ever gets in office.
Of course that is what we are doing now and we will one day pay the piper with inflation.
Like all socialist he is simply going to print money to pay for things if he ever gets in office.
Of course that is what we are doing now and we will one day pay the piper with inflation.
Posted on 2/25/20 at 12:02 pm to I B Freeman
That sounds good IB but the govt is never going to let the SS out of their hands.
One has to wonder how many people die every year that have no one to collect their SS. That is free money to the govt but your proposal would allow that individual to will it to someone not named the United States Government.
One has to wonder how many people die every year that have no one to collect their SS. That is free money to the govt but your proposal would allow that individual to will it to someone not named the United States Government.
Posted on 2/25/20 at 12:08 pm to I B Freeman
quote:
implement a 10% forced savings (you can opt out if you agree to NEVER take SS) 5% from employee and 5% from employer that can then be deposited in the bank or in stocks or bonds. No cap on savings per year. All wages
Do you think this will incentivize companies to force people to not contribute? I imagine if you don’t contribute the company would be exempt?
Posted on 2/25/20 at 12:14 pm to arcalades
quote:this isn't even close to true. It is true that had they not borrowed from the fund social security would have remained solvent a little bit longer but it was never going to overcome its demographic problem of having fewer people paying in for every recipient.
fund is nothing but US debt.
yep but that's only bc the govt stole from it to bankroll wars. SS would have been fine for 100's of years otherwise.
Posted on 2/25/20 at 12:26 pm to BeNotDeceivedGal6_7
quote:
The fairness is that they pay the same percent.
Maybe we should abandon the rhetoric of "fairness" since it's an inherently subbjective concept.
Posted on 2/25/20 at 12:27 pm to ShortyRob
quote:
this isn't even close to true. It is true that had they not borrowed from the fund social security would have remained solvent a little bit longer but it was never going to overcome its demographic problem of having fewer people paying in for every recipient.
thank you
not sure why this is so hard for us to admit to ourselves. SS is and always has been a generational wealth transfer
Posted on 2/25/20 at 12:28 pm to 90proofprofessional
Because boomers want their social security money
Posted on 2/25/20 at 12:30 pm to Wtxtiger
Posted on 2/25/20 at 12:31 pm to BeNotDeceivedGal6_7
Me Anichka will be making over $250k per year in like 2 years. She is a killer. This is bad news.
Posted on 2/25/20 at 12:36 pm to I B Freeman
quote:
1) end the 15% payroll tax (50% is paid from your wages and matched by your employer 2) implement a 10% forced savings (you can opt out if you agree to NEVER take SS) 5% from employee and 5% from employer that can then be deposited in the bank or in stocks or bonds. No cap on savings per year. All wages 3) implement a national sales tax to pay all SS benefits and adjust this tax annually 4) do not allow anyone to draw SS until the savings in #2 are gone---they can use those savings at the rate of what would be their SS monthly payments. After the savings are gone they can collect normal SS. 5) upon death the remaining savings are part of the estate and pass tax free to the SS savings of the next generation in the family or spouse.
These and other ideas might be a great way to get us out of the SS hole, but they'll never happen, because by design once a leftist big government redistribution program is put in place, it will never be removed unless by dissolving of the government that put it in place. That's why we should fight tooth and nail to prevent more programs like it from being stood up. We dodged a very big bullet by having Obamacare whittled down.
Posted on 2/25/20 at 12:40 pm to ShortyRob
quote:And now you know why open borders has such strong support in DC.
it was never going to overcome its demographic problem of having fewer people paying in for every recipient
Posted on 2/25/20 at 12:48 pm to BeNotDeceivedGal6_7
Can you imagine how things would be if your SS percentage went to 401k your entire career. Wow.
Unfortunately its just another tax.
Unfortunately its just another tax.
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