Posted on 11/25/2019 10:43:08 AM PST by ChicagoConservative27
Mayor Pete Buttigieg wants to raise taxes on the more wealthy Social Security earnings, as part of a plan to save it from bankruptcy, according to a plan released Monday. Buttigieg announced individuals earning above $250,000 (Families earning over $500,000) would face higher Social Security taxes if he is elected president.
(Excerpt) Read more at breitbart.com ...
That’s the way it is now.
Anything over a modest income results in most of your SS being taxed at your marginal tax rate.
There’s already a higher rate when you’re in the upper income brackets. You also pay more for Medicare if you’re in the higher brackets. Apparently Butt-gag wants to make it even worse.
Plus, every Democrat wants to remove the ceiling on wages at which SS contributions stop.
In other words, the more you make, the more you contribute, and the less of it they’ll let you get back on retirement.
Fudgepackin Pete is on a roll for defeat and soon I hope.
Means testing is essential to preserve the program.
Most people know that taxes that supposedly target one group have a tendency to percolate downward until everyone is affected.
“It is owed to me, with interest.”
Just like all the other taxes you paid?
Don’t get me wrong, I want and need my SS check. But I am under no delusion that the government was just investing it for me until I retired, upon which time I would begin to draw it down.
Nay, every thinking person has known from inception of the program it was a pay-as-you-go welfare program.
“I paid for it, I’m entitled to it”?
All of the deluded believe that.
Perhaps they could couple a means testing with a future opt out which would allow individuals to save & invest their own money, where govt. can't get at it.
Maybe after the boomer wave has passed through. For another 10-15 years the program will need peeps paying into it or will go bankrupt quickly.
Democrats are obsessed with raising taxes. There is never enough money to satisfy their appetite for spending.
An AMERICAN CITIZEN has to work for about ten years before gaining enough credits in the Social Security system to qualify for retirement benefits. I'm scratching my head here, trying to figure out how an old person from India shows up here and is eligible to collect Social Security payments without having worked a single day here.
see post 32 from 11th VA
And in any case, that rule affects foreign-born immigrants who qualify for benefits in BOTH their native country and the U.S. If you spent 20 years working in Canada, for example, and then immigrated to the U.S. and spent 20 years working here, you'd qualify for 50% of the normal Canadian benefits and 50% of the normal U.S. benefits for someone who retires at your age.
Those rules are there to prevent people from collecting two full SS-type "public pension" payments from two different countries in retirement.
They may be getting SSI checks instead of SS checks, but it is still OUR money.
I'd also be curious to know when exactly the elderly foreigners immigrated here to the U.S.
If there is means testing, it would be nice if the estate tax is eliminated altogether. That would at least give something back to the heirs of people of higher means who will receive less in SS benefits and presumably will then have to spend more of their own money (money their heirs might have gotten) in retirement.
once a bung bandit always a bung bandit
This has nothing to do with jealousy this has to do with open borders, lying lib media, deep state. Corporate contributions that go primarily to left wing groups. The fact that the only Caucasian economic group that vote for Clinton made over 100k and the more they made over that the higher her percentage was. Get over it! We are now living in a completely new world with different dynamics and the sooner people on this board understand it the better chance we have of preventing a complete take over of the system by liberal upper class groups. Wake up to what is happening now!
I hate it. I’m 66 and not collecting yet plus I’m working and paying in to all the various collection agencies. I don’t mind helping people down on their luck or sick or disabled, I just hate giving money to evil men and women that use that money to further their political goals.
Hey, Mayor, why not tell Congress to pay back the money they stole from the “Lock Box?”
If the politicians would stop stealing from the fund for things it was not intended for, it would be solvent and would not need to be saved.
From each according to his means, to each according to his needs!
Duh!
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