Poll: Make wealthy pay for Social Security (two thirds of adults)

CNN ^ | Feb. 8, 2005 | CNN

[FairOpinion]

Majority say high-income earners should pay Soc. Sec. tax on all their wages and get lower benefits.

Wealthier Americans should take the hit to bolster Social Security, according to a new CNN/USA Today/Gallup poll conducted over the weekend and released Tuesday.

More than two-thirds of 1,010 adults contacted between Feb. 4 and Feb. 6 said it would be a "good idea" to limit benefits for wealthier retirees and to make higher income workers pay Social Security taxes on all their wages.

Meanwhile, 55 percent think President Bush's proposal to allow future wage-earners to invest some of their Social Security taxes in private investment accounts is a "bad idea."

But 64 percent agree with the president that the system will be "bankrupt" by 2042 if major changes aren't made.

[Goodgirlinred]

I think it is a load of horse manure myself. Let's just take away all incentive for anyone to do well in this country. Heck, if you get rich, you are penalized. You might as well just live off the government and not work so hard and live it up. Let some other poor sucker support you.

[ThinkDifferent]

i also heard on a different show this morning, that if a person in their 20's got on the program most discussed and the economy stayed the way it is (or close to it)--that person would have 1 million dollars accumulated by the time they retired

$1 million 40 years from now won't be that much. Of course it beats the heck out of Socialist Insecurity.

[Raycpa]

The fly in the ointment is high earners can have various forms of payment that can avoid being treated was wages. The high earners don't need as much current cash so they will take payments in trade if the SS tax is too high.

[John Lenin]

Don't you realize it's exploitative to plan for your future while other people don't have the means too ? We have to keep the incentives in the right place for the poor, to stay poor. Why work when you middle class fools can pay for everything ?

[Sgt_Schultze]

Here is a link that demonstrates the power of early investing combined with compound interest.

[clintonh8r]

Most Americans are just lazy communists. For proof, I cite the recent election: Those who voted for sKerry + those who didn't bother to vote = most Americans.

[lawdude]

"Why not ask the people if the rich should pay for every government program?"

Considering we already pay 80+% of the taxes, we already do.

And I ain't rich.

[popdonnelly]

"take things away from you on behalf of the common good."

Read: take money from you to pay for our pet issues so we can bribe more people to vote for us.

What exactly is the common good? What may be great for one person isn't necessarily good for others. Like taking money away from people and giving it to someone else.

[spodefly]

Stupid people get the government they deserve.

[John Lenin]

They have to watch out in this country because more people are the haves than the have nots and the haves have the means to get out of Dodge if they have to.

[ThinkDifferent]

More than two-thirds of 1,010 adults contacted between Feb. 4 and Feb. 6 said it would be a "good idea" to limit benefits for wealthier retirees and to make higher income workers pay Social Security taxes on all their wages.

I'm actually not violently opposed to this; why should Bill Gates get money taken from our children's paychecks? I'd be fine with turning Social Security into a true welfare program to keep retired people who have no other means of support out of poverty, and getting rid of the fraudulent "investment" aspect. I'd also support repealing the (regressive) payroll tax and funding the payments out of general revenues.

[Txsleuth]

I realize a million in 40 years won't be that much, but like you said, it would be better than doing nothing--

I saw a guy from the GAO and the CBO and they both said that if nothing is done, in 2042 or 2052, only .73 out of a dollar collected will be returned to people---

So, which is better, $1,000,000 or 73cents on a dollar?

[ShowMeMom]

Actually, it's not just idiots who believe this crap. I was in my accountant's office yesterday and casually asked what she thought of the President's privatization plan for SS. She went nuts over what a stupid, horrible idea it is. She had all the cliches about people making bad investments, about people losing their money, yada, yada, yada. Her BIGGEST argument was that if people don't get their SS, then their children will have to take care of them. She's a CPA. Yikes.

I nearly packed up my books and left, but decided since I was paying her that she would have to listen to me straighten her out. It took a while, but I think I did.

[Sarastro]

the amount a person gets when they retire is based on the taxed income of the last 10 years they worked, if you make 250,000 a year and are taxed on that amount, your check will be a percentage of THAT amount instead of the 90,000 that it is now.

It doesn't work that way. There is a declining scale of SS pension as you make more. I.e., if you make twice as much as your neighbor (within the $90,000 limit), your payments will be less than twice his.

You make be sure that if the "rich" are taxed more, their pensions will rise little if at all.

[tfecw]

well said...when/if i move up on the job ladder I'm going to have to turn down all raises/promotions that put me over the 63k (or is it 66k) mark and into the next tax bracket.

I'll make less money when i earn 63k (or whatever) then i would at 62k. But I've got some years before that. So umm FairTax! or something that lets me keep my money

[Txsleuth]

Maybe we should also get rid of Income Tax and go for sales taxes---then only people that can afford to buy stuff will have to pay any taxes?

[tfecw]

Thats pretty funny.

I have no problems with people wasting their own money away. I say let them invest it. I was always the ant in the old fable of the grasshopper and the ant. Unfortunately we don't let dummies who didn't plan for their own future suffer the consequences.

I've got an idea for a SS reform. I call it "Plan for your own damn future" reform. See the general idea is that...okay I'll stop :)

[G Larry]

Ya!
The "rich*" should give ALL of their money to the government and go on welfare.
They've had it too good for too long!

*rich = anybody that makes a dollar more than you.

[FITZ]

I'd be fine with turning Social Security into a true welfare program to keep retired people who have no other means of support out of poverty,

I think the opposite. Why should those of us who work have to pay for those who are too lazy to work. In fact --- working people shouldn't be penalized --- if you keep on working into your 70's you should be rewarded because you'll still be paying in --- and you should receive the full check.

If cuts are made --- hit the ones who are least willing to work --- penalize them.

[Cobra64]

Too many people do not understand the difference from a P&L versus a Balance Sheet. These jerks should look up the definition of "wealth." Then again, they appear too stoooopid to understand how to find the word in the dictionary. ... Pathetic.