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Message
Elimination of SS contribution cap
Posted on 9/11/26 at 12:00 pm
Posted on 9/11/26 at 12:00 pm
There’s talk in Congress about raising or eliminating the income cap on SS contributions per Newsweek via msn.com.
I’ve never understood, when listening to Dems boo hoo about “tax breaks for the wealthy”, why they ignore this ceiling on SS contributions.
Don’t get me wrong; I want SS phased out. But ignoring this cap is unexplainable for the marxists.
Posted on 9/11/26 at 12:04 pm to TheHarahanian
quote:
why they ignore this ceiling on SS contributions.
They haven't
. I've seen this talked about for a long time. I mean it is an asinine idea unless they want to uncap the benefits as well, which puts us right back where we are. However, the cap isn't a tax break to begin with. This post was edited on 9/11/26 at 12:06 pm
Posted on 9/11/26 at 12:06 pm to TheHarahanian
quote:
I want SS phased out
only after I get something for 35 years of putting in.
Posted on 9/11/26 at 12:09 pm to TheHarahanian
Yeah, there is no legitimate reason to even have a cap. With income that high they would hardly notice. Not a big deal.
Posted on 9/11/26 at 12:10 pm to GoCrazyAuburn
quote:
why they ignore this ceiling on SS contributions.
They haven't
Really? They’ve had control of the House, Senate, and White House multiple times since the 1930s, and they vote as a block.
Crappy Obamacare was rammed through with only Dem support during Barry’s first term, but no mention of this.
This post was edited on 9/11/26 at 12:16 pm
Posted on 9/11/26 at 12:14 pm to paulb52
quote:What? I'd notice. How about we raise taxes on you?
Yeah, there is no legitimate reason to even have a cap. With income that high they would hardly notice. Not a big deal
Posted on 9/11/26 at 12:14 pm to TheHarahanian
quote:
Really? They’ve had control of the House, Senate, and White House multiple times since the 1930s, and they vote as a block.
Sort of a flawed argument, no? Not being able to pass something =/= ignoring it.
Here is an article from 2009 discussing it
LINK
ETA: And the cap has been raised multiple times, not to mention other attempts to do so. I'm fairly certain Sanders and Warren have put forth attempts to do so basically every 2 years since like 2017.
This post was edited on 9/11/26 at 12:20 pm
Posted on 9/11/26 at 12:15 pm to TheHarahanian
I don’t like it, but it does make sense.
Posted on 9/11/26 at 12:16 pm to Judnnc
quote:
only after I get something for 35 years of putting in.
Absolutely, make sure your kids are left holding the bag instead of you.
Posted on 9/11/26 at 12:17 pm to TheHarahanian
There’s a cap because Social Security has a fixed limit.
Posted on 9/11/26 at 12:18 pm to TheHarahanian
They never mention SS when they talk about tax the rich, they want to tax the rich to pay for all they entitlement for people who do nothing and are a drag on everyone else.
I do not have an issue rasing a SS tiered cap at $500k and $1mm, but having it at the full 12.4% is not going to get support. Also will not get support unless their are other safeguards added that eliminate the abuse of Congress using SS taxes.
Also, if they raise the cap they need to end discussions about adding additional taxes on high earners and stop vilifying people who achieve financial success.
I do not have an issue rasing a SS tiered cap at $500k and $1mm, but having it at the full 12.4% is not going to get support. Also will not get support unless their are other safeguards added that eliminate the abuse of Congress using SS taxes.
Also, if they raise the cap they need to end discussions about adding additional taxes on high earners and stop vilifying people who achieve financial success.
Posted on 9/11/26 at 12:19 pm to Riverside
quote:
There’s a cap because Social Security has a fixed limit.
This
If you raise cap then you have to raise benefits
Posted on 9/11/26 at 12:21 pm to TheHarahanian
people who earn enough to hit the SS cap already pay much higher income rates as a reward. They are already extracting this money from them.
Besides, it isn't enough to change the outlook on Social Security.
Besides, it isn't enough to change the outlook on Social Security.
Posted on 9/11/26 at 12:27 pm to Cosmo
quote:
This
If you raise cap then you have to raise benefits
Should may be the better word. They don't have to raise benefits with raising the cap, and I would be surprised if they want to raise the cap and start means testing for benefits.
They could also change the benefits equation by adding additional bend points.
Posted on 9/11/26 at 12:28 pm to TheHarahanian
There should be an opt out option
Posted on 9/11/26 at 12:35 pm to Judnnc
Damn straight. Those communist pricks better pay me back every fricking penny they stole from me, starting with my first high school summer job. Really, they owe me all of that adjusted for inflation PLUS a reasonable rate of return.
Posted on 9/11/26 at 1:02 pm to paulb52
quote:
Yeah, there is no legitimate reason to even have a cap. With income that high they would hardly notice. Not a big deal.
This level of ignorance is alarming.
1- Taking property (money) from someone without their consent and with no return is theft.
2- The contributions match the benefits. That is how the system is designed. You get back based on what you pay in. That is fair.
3-12 million Americans exceed the contribution cap every year. I am two years retired now and remember how we funded Christmas with SS payroll holiday $ we earned between October and the end of the year. We counted on that $.
Just because it wont impact the ultra wealthy, it still isn't right. I would rather take a 25% hit in my payments to keep our government from stealing from others.
Posted on 9/11/26 at 1:33 pm to TheHarahanian
imagine the amout of money i would have accumulated had the 6.2% they took out for SS out of my check, and the 6.2% that my employee had to match was instead put in to my 401k or IRA......
that would be an additional 12.4%....including the years before getting my post college job where i could finally contribute
that would be an additional 12.4%....including the years before getting my post college job where i could finally contribute
Posted on 9/11/26 at 1:57 pm to Jake88
quote:
What? I'd notice. How about we raise taxes on you?
quote:
What? I'd notice. How about we raise taxes on you?
this is why you don't eliminate taxes on the middle class, they don't appreciate it and they get greedy for other peoples money cause they still think they pay taxes but they don't. 63% of americans don't pay income tax.
sure why not sounds good. the fact is social security is the only tax most americans pay.
Posted on 9/11/26 at 2:02 pm to SquatchDawg
It actually does make sense, but to do that we need to get more people paying taxes in general with everyone paying the same percentage.
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