"Both of us are going to raise your taxes. He won't admit it, I just did."
Walter Mondale - 1984.
Let's hope the strategy works as well this year as it did for Wally.
Posted on 10/05/2016 4:16:16 AM PDT by Helicondelta
Democratic nominee Hillary Clinton plans to raise the payroll tax in order to prevent the Social Security program from going bankrupt, Democratic vice presidential nominee Tim Kaine said during Tuesday’s VP debate.
...
“And Social Security has enabled people to retire with dignity and, overwhelmingly, not be in poverty. We have to keep it solvent, and we will keep it solvent. And we’ll look for strategies like adjusting the payroll tax cap upward in order to do that.”
(Excerpt) Read more at dailycaller.com ...
... like adjusting the payroll tax cap upward ...
Turns out he was. A stopped clock can be right twice a day.
I wouldn’t mind seeing it climb to, say, half a million a year, or even completely removed, regarding wages. It would affect a few professional athletes, I suppose.
If the demodummies would stop giving all the “free sh&t” they have been giving away for years, reduced their foolish notion that global warming is real and simply stop over spending, perhaps they could REDUCE taxes instead of raising them.
Yeah, there is that too.
I think that if the FedGov followed this simple rule, we’d not be in the mess we are in: Never give the taxpayers’ money to somebody for nothing.
You do understand that people who do cap out on FICA are paying in way more than they will ever take out of the system right?
Typically the “rich” support the whole thing, while those paying the least into FICA take out way more than they ever paid in. The poor benefit the most from social security, while it is just a tax on the rich.
118K is the cutoff. This really affects the middle class more than anyone because it is typical of taxes. You can never really get ahead in the middle class as every time you get a little more money they tax it to keep you in the same boat.
Yep. I used to make more than the limit, except they kept increasing it.
Due to the level of the SS tax, I’m fascinated at the feeling I got when a percentage of my wages was not taxed. Felt like I was back in the 19th century.
Thing is, the only way to REALLY resolve our current financial mess is to do things that hurt - austerity. It’s like a 600 lb man going on a diet. If it is easy, you’re not doing it right.
I’d like to see the cap on payments AND benefits removed. But I’d like to see the level of benefits, relative to payments, reduced as the payment amount gets higher. So a person who made $200,000 every year used in the calculation will get, maybe 150% of what a person that earned $100,000 every year.
All of this is academic, of course. Everything will collapse WAY before anything like that will get implemented. ;-)
BTW, I have been in IT the last 33 years. Some of those years, earning significantly over the SS max taxable. I live in KY where my house payment on a 15 year mortgage is less than most people’s car payments, as is the annual property taxes. I’m almost 63. At 66 I could retire on ONLY SS and live quite comfortably here, as well as drive around the US from time to time.
And if SS was all I had and I really wanted a new Corvette, I could be a greeter at Wal-mart to more than cover it. :-P
I have only one question? Raise the payroll tax? What about all of the money that Hillary STOLE from the Social Security Trust Fund while a Senator from New York. But not only her, include the other career politicians like Schumer, Pelosi, Reid, Graham, Cruz, Rubio, Nelson, etc., over the DCADES they have been in office, with most of the money GOING INTO THEIR OWN POCKETS.
Answer that question!! They can’t and they won’t!! This is why they have to be voted out of office.
And...a regressive tax on the workers (millennials and Gen Xers) to pay for the retirees (boomers). Yet another Democrat scheme to make the younger generation pay for the older generation, and millennials know SS will be bankrupt before they ever get to collect despite an increase in their taxes. As if 0bamacare weren’t enough.
“No other explanation exists for him getting prime time.”
Life insurance in case Hillary wins?
I routinely break the cap and I am not wealthy. One thing I never considered about raising the cap is that it is also a tax on businesses. Since my employer matches my contribution up to the Cap, wouldn’t they also need to match the 6.5% up to the new cap (which I believe the democrats want as unlimited)?
I may also add that those of us who reach the Cap don’t get Pell Grants or Federally Subsidized higher education loans. Don’t usually receive grants or other needs based breaks for our kids when they go on to college. Don’t get the EIC or the full benefits of deductions for Childcare or Dependent credits. Generally can’t write of health care (because it is not a high enough percentage of our income). The list goes one seemingly forever if you are not rich enough to structure your finances in a way that the government can’t tax them.
My Father’s upper middle class lifestyle was much better than mine even though I earn about 2.5 as much as he did in inflation adjusted Dollars.
“And if SS was all I had and I really wanted a new Corvette, I could be a greeter at Wal-mart to more than cover it. :-P”
Don’t count on getting greeter job at Wal-Mart.
http://www.huffingtonpost.com/al-norman/wal-mart-greeters_b_1243029.html
How much is she planning to skim off for herself?
Just dang! The local Amazon fulfilment center is a lot harder work. :-(
Looks like I’ll have to complete that wedding barn after all. :-D
How about not using Socialist Security as a piggy bank to fund other programs?
Your on the wrong site supporting a tax tha kills the working middle class. The rich take their pay in stocks and via a 1099. SS tax cap removal only effects those in the 90-95%. They already get shafted paying for other people’s SS benifits.
I get tired of people who want to remove the cap when they don’t even understand the benifits formula. SS is she’ll game that just enriches the government. Why on gods earth would any conservative be for removing the cap? We should be fighting to remove all SS tax and programs.
"Both of us are going to raise your taxes. He won't admit it, I just did."
Walter Mondale - 1984.
Let's hope the strategy works as well this year as it did for Wally.
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