General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsA radical new idea for ensuring the Social Security Trust fund d doesn't run dry:
Many have suggested that Social Security would be fiscally sound if we removed the limit on contributions. (This year, only the first $110,100 are taxed).
But what if we raised wages at the bottom, thereby increasing contributions across the board? If people earn more, they'll end up contributing more!
NYC_SKP
(68,644 posts)We'll have to squeeze it out of the over-earning/under-taxed 1%, though.
Turbineguy
(37,343 posts)they could do means testing.
HiPointDem
(20,729 posts)security.
oh, & fund it out of income taxes, not payroll taxes, as welfare programs should be.
Turbineguy
(37,343 posts)I merely thought if I am more fortunate than some, I don't need it. Maybe I'm looking at it the wrong way.
HiPointDem
(20,729 posts)If you want a welfare retirement program, tax through the income tax and hit capital. they have the money.
don't ask labor to accept a flat tax and then submit to 'means testing' of the benefits -- which gives control to future governments to 'means test' away benefits at their discretion.
Turbineguy
(37,343 posts)You're correct.
Wounded Bear
(58,670 posts)Raise the minimum wage 10% and 5% of that (give or take) goes straight into the SS fund.
But we still need to raise the limit, if not eliminate it completely.
Romulox
(25,960 posts)Unless taxes become progressive in this country, the rich will always accumulate enough to buy off the system. Regardless of the absolute poverty level.
HiPointDem
(20,729 posts)NNN0LHI
(67,190 posts)I completely support the idea.
Problem is most of the people who would directly benefit from doing that are long gone from here. They lost their Internet, homes, etc. a long time ago and are not posting any more.
Don
thelordofhell
(4,569 posts)Cleita
(75,480 posts)Also, passing the jobs bill Obama is begging to have passed would create more jobs to deduct FICA from. However, our filibustering Republican Congressmen wouldn't have any scare issues to beat their drums about. I think I would rather they taxed the rich by raising the limit just because they are being such assholes about the whole thing. Also, how about a donut hole. Tax up to $110,100 and then have a donut hole up to one million. After that tax everything over that million. That way you catch the wealthiest in their own talking points and give a little break to the moderately wealthy.