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Scuba

(53,475 posts) Sun Jan 5, 2014, 09:06 AM Jan 2014

Regarding that cap ...

12 replies

= new reply since forum marked as read

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Regarding that cap ... (Original Post) Scuba Jan 2014 OP

Good idea. k&r for economic justice. n/t Laelth Jan 2014 #1

Nooooo! Unfair! Romulox Jan 2014 #2

They also stopped accruing future benefits. Nye Bevan Jan 2014 #3

The rich ProSense Jan 2014 #9

Think Progress: ProSense Jan 2014 #4

Probably not, but it sounds good. Igel Jan 2014 #10

This cap has got to go. JNelson6563 Jan 2014 #5

I'm no economic genius, but I think that not only should the cap be eliminated, panader0 Jan 2014 #6

And then every millionaire in the country would want to end the program. Nye Bevan Jan 2014 #7

I know I'm dreaming. Some people are just too rich. Cut off the mountain tops and fill in the valley panader0 Jan 2014 #8

If you support Raising-the-Cap, bvar22 Jan 2014 #11

Hey, I remember that guy. I even voted for him! Wonder what happened to him. Scuba Jan 2014 #12

Laelth

(32,017 posts)

1. Good idea. k&r for economic justice. n/t

Reply to Scuba (Original post)

Sun Jan 5, 2014, 09:20 AM

Jan 2014

-Laelth

Romulox

(25,960 posts)

2. Nooooo! Unfair!

Reply to Scuba (Original post)

Sun Jan 5, 2014, 10:52 AM

Jan 2014

Also it's "welfare" (said with a sneer) in some vaguely defined way. And "welfare" is the worst thing a thing can be!

Nye Bevan

(25,406 posts)

3. They also stopped accruing future benefits.

Reply to Scuba (Original post)

Sun Jan 5, 2014, 11:19 AM

Jan 2014

Someone who earns $500 million per year pays the same in social security taxes as someone who earns $150,000 per year, but will receive the exact same retirement benefit. That is why social security is widely viewed as a "fair" system, akin to a retirement savings scheme, and is not viewed (even by upper income people) as a "welfare" program to be "ended as we know it" as soon as possible.

ProSense

(116,464 posts)

9. The rich

Reply to Nye Bevan (Reply #3)

Sun Jan 5, 2014, 11:38 AM

Jan 2014

"That is why social security is widely viewed as a 'fair' system, akin to a retirement savings scheme, and is not viewed (even by upper income people) as a 'welfare' program to be 'ended as we know it' as soon as possible."

...and Republicans are constantly trying to end it "as we know it." I guess they didn't get the memo about how "fair" a system it is. The fact that people pay into and earn their benefits seems to mean nothing to them.

As for them "accruing future benefits" so be it. Eliminating or raising the cap will bolster the trust fund.

At the very least, it could be raised to $250,000.

ProSense

(116,464 posts)

4. Think Progress:

Reply to Scuba (Original post)

Sun Jan 5, 2014, 11:22 AM

Jan 2014

900 Rich People Won’t Pay Into Social Security For The Rest Of The Year

While almost all working Americans will pay into Social Security through their paychecks throughout the year, the 900 wealthiest people in the country won’t. That’s because the highest-earning 0.0001 percent of the U.S. — many of them corporate CEOs — made $117,000 in the first two days of the year, which is the maximum annual income that is subject to Social Security taxes under federal law.

- more -

http://thinkprogress.org/economy/2014/01/03/3118281/rich-social-security-taxes/

Igel

(35,317 posts)

10. Probably not, but it sounds good.

Reply to ProSense (Reply #4)

Sun Jan 5, 2014, 11:53 AM

Jan 2014

A lot of the inflated CEO "salaries" are their compensation, which is their salary, plus any performance bonus, plus deferred compensation, plus retirement, plus health care.

When I report my income I just report my earned income. Pension contribution and health care contribution don't count. (Sorry, no bonus or deferred compensation.)

It's all that's keeping us from being hit by the AMT.

JNelson6563

(28,151 posts)

5. This cap has got to go.

Reply to Scuba (Original post)

Sun Jan 5, 2014, 11:25 AM

Jan 2014

panader0

(25,816 posts)

6. I'm no economic genius, but I think that not only should the cap be eliminated,

Reply to Scuba (Original post)

Sun Jan 5, 2014, 11:25 AM

Jan 2014

but that the wealthy should not receive SS benefits at all. If you are a multi-millionaire, the SS check is nothing.

Nye Bevan

(25,406 posts)

7. And then every millionaire in the country would want to end the program.

Reply to panader0 (Reply #6)

Sun Jan 5, 2014, 11:29 AM

Jan 2014

Or drastically curtail it. And this includes millionaire Democrats. Remember who it was who campaigned on "ending welfare as we know it"? And you really, really don't want every millionaire lined up against a program you like.