Is it safe to say that Shrub is one of the people no longer paying into SS

burn the bush

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Thu Apr-28-05 09:05 PM
Original message

Is it safe to say that Shrub is one of the people no longer paying into SS

if there is a cap around 90,000, is it safe to say that shrub no longer pays into SS? Because it seems that removing that cap and letting people continue to pay into ss for at least as long as they will most likely be taking out from it, would be a good way to help fix the system.

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silverlib

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Thu Apr-28-05 09:07 PM
Response to Original message

1. It was announced several weeks ago

that he had reached the max and was no longer paying into the system.

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haele

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Thu Apr-28-05 09:09 PM
Response to Original message

2. He pays SS on the first 90K of payroll income for the year -

Edited on Thu Apr-28-05 09:10 PM by haele

The "after deductions" payroll income. After that, whatever's left is only taxed by the IRS - since Texas doesn't have state taxes.

Haele

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burn the bush

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Thu Apr-28-05 09:25 PM
Original message

are you sure it's on the first 90 grand per year taxable

I was under the impression that the 90 grand cap meant that if in your lifetime, you had paid 90,000 into ss, then you could stop paying for the rest of your life.

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Jacobin

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Thu Apr-28-05 09:29 PM
Response to Original message

4. Nope

$90,000 per year on earned income is the cap on which you pay SS taxes

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FloridaPat

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Thu Apr-28-05 09:25 PM
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3. He's receiving federal employee money. They don't pay into SS.

Also, he said last week that by raising the cap we would loose jobs. Since when does he care about jobs? And where are all those CEO going to go? Does he really think Disney is going to fire their CEO and offshore that job? Sure!

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burn the bush

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Thu Apr-28-05 09:31 PM
Response to Reply #3

5. why would we lose jobs by raising the cap?

Oh because the employer has to pay into it too?

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FloridaPat

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Thu Apr-28-05 09:43 PM
Response to Reply #5

6. Right. Which is probably part of the problem with computer jobs.

The salaries there went up to $100,000. Add health care and it was a big incentive to send the jobs overseas.

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lavenderdiva

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Thu Apr-28-05 10:20 PM
Response to Original message

7. I haven't verified this, but my late mother used to tell me that

elected officials don't pay into Social Security, BUT they do withdraw from it. That is one thing that was draining 'the lockbox'. If you have more people withdrawing from it, than are paying into it. If this is true, then Shrub does not pay into it.

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FloridaPat

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Fri Apr-29-05 09:48 AM
Response to Reply #7

8. As far as I know, to get SS you must pay on $50 in for 40 quarters.

That's the basic requirement. If you work the the feds, state, or county - except for teachers - you don't pay into SS. Now that may have changed for some since Reagan did pull teachers in and they pay their regular pension plus SS. You don't get SS unless you pay.

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