Posted on 03/08/2013 9:59:55 AM PST by Olog-hai
Congressional liberals aren’t done taxing wealthy Americans.
On Thursday, Sens. Bernie Sanders (I-Vt.) and Rep. Peter DeFazio (D-Ore.) introduced the Keeping Social Security Promises Act, which asks the wealthiest Americans to “pay their fair share into the fund.”
“The people on top are doing phenomenally well,” Sanders told a news conference on Thursday. “It is time to ask them to help us, in this case with making sure Social Security is there for our kids and grandchildren.”
The bill would require those with yearly incomes of $250,000 or more to pay the same 6.2 percent payroll tax that is currently assessed on those who earn up to $113,700 a year. …
(Excerpt) Read more at cnsnews.com ...
Been there, done that.
if they pay more into the system, they should get a larger SS check, right?
Fair share? Harumph.
Will their social security benefit be increased accordingly? I highly doubt it, not that it really matters - this is merely an attempt to redistribute the wealth of successful Americans.
Congress NEVER should have been able to touch the funds to begin with.....that being said, I sort of agree with him. It is my understanding that once you reached a certain level (annual pay and paying) you DO NOT pay any more into Social Security for the year....
“Maximum Total Contribution to Social Security”
So the person making say 500,000 is not paying into SS on that whole dollar amount. This I think needs to change. I think the whole annual salary is looked at when you come to collecting SS (maybe there is a cap at what they pay back) but the paycheck should included SS deduction no matter what the salary is.
The next proposal will be to make all income, rather than just wage income, subject to the 6.2% tax. That would include dividends, capital gains, interest, you name it. The monster is insatiable.
Barry’s Socialist freeloader utopia cannot exist without “the rich” subsidizing it.
I’m waiting for the day when some conservative will propose a “Social Security phase out plan”, that would limit those entering the system to minimum wage employees only, with everyone else being exempt, unless they “opt in”, that had to be entirely voluntary and could not be a requirement for employment.
Imagine the howls among the leftists, when even the possibility of a phase out of their beloved “universal retirement system” and “more money for us to spend” is even mentioned.
The problem isn’t with the Social Security program, the problem is with crooked, greedy, venal, lying politicians.
Here is some info copied directly from the Social Security website:
http://www.ssa.gov/history/hfaq.html
Q24: How much has Social Security paid out since it started?
A: From 1937 (when the first payments were made) through 2009 the Social Security program has expended $11.3 trillion.
Q25: How much has Social Security taken in taxes and other income since it started?
A: From 1937 (when taxes were first collected) through 2009 the Social Security program has received $13.8 trillion in income.
Heh. That will be right on the heels of the Interstate Highway Trust Fund Phaseout Plan . . .
The reason you don’t pay into it over a certain income is that it was started as a suppliment to your retirement and a safe guard for those that did not save for retirement (as opposed to a huge wealth distribution). The benefits are capped so you will not collect anymore in benefits even if you paid so much more in. So how can confiscating another 6.2% out of higher income workers be “fair”?
As a sole prop, I already pay twice. So now, old blue wants me to pay three times. Maroon.
there is a cap on SS so the guy who pays in at $113,000 gets capped at the same top amount of SS as if he paid in for $250K
So this is just a tax increase
and furthermore, if I was under 50 and the US keeps getting socialist I would still never expect to see a dime because by then it will be means-tested
the good thing would be that Joe Biden would stop drawing a SS check
Congress and Barry exempt right?
This will eventually pass. It’s the only fix to the SS mess that will summon enough support to get through.
It’s infuriating.
Eventually, I suppose. This has been proposed almost every year the past 5 years and I believe before that too. One other proposal I have’t seen in a couple years is making net income from S Corporations passed through to the shareholders subject to social security, similar to certain income passed through to partners in a partnership.
Right now someone who is retiring after a career of earning at or above the cap (and therefore paying the maximum SS tax) will receive 33% more than someone who earned and paid at half the cap. Make twice the "contribution" and get only 33% more payout. You could never sell an insurance plan like that. It seems like the wealthiest are already paying vastly more than their fair share.
The bill would require those with yearly incomes of $250,000 or more to pay the same 6.2 percent payroll tax that is currently assessed on those who earn up to $113,700 a year.
So will their benefits be uncapped also? Will Bill Gates get a multi-million dollar monthly SS check when he hits 65?
"The rich alone use imported articles, and on these alone the whole taxes of the General Government are levied (emphasis added). … Our revenues liberated by the discharge of the public debt, and its surplus applied to canals, roads, schools, etc., the farmer will see his government supported, his children educated, and the face of his country made a paradise by the contributions of the rich alone, without his being called on to spend a cent from his earnings." --Thomas Jefferson to Thaddeus Kosciusko, 1811.
But also note that Justice John Marshall had also officially clarified that Congress is prohibited from laying taxes in the name of state power issues, essentially issue which Congress cannot justify under the Constitution's Section 8 of Article I.
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." --Justice John Marshall, Gibbons v. Ogden, 1824.
And if the federal government were to respect it's constitutionally limited powers to tax and spend, then the tax burden for running the federal government might still be on the shoulders of the rich and corporations.
Do the US Congress and Senate pay SS tax?
The president?
Its only their fair share we are after
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