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 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”?
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
I’ll give benefit of doubt and consider that ignorance of the facts can be corrected:
1. Both SS and Medicare are means tested already. The person who paid the maximum into SS will likely get very little and will surely get less than the person who paid in half the amount. Successful people tend to continue working and so don’t get SS at all in many cases. At least they pay it all back in taxes if they get any.
2. SS is a supplemental retirement and was not considered primary so NO, people in the upper income brackets don’t get more and (see #1 above) probably get less and it was designed that way because they don’t need it... they took care of themselves.
3. A successful person would not be so quick to “take from each according to his means and provide to each according to his needs.” I think that is still a Marxist principle but seems to be becoming a warped state of Americanism.
4. A responsible person would not be so quick to expect someone else to take care of him or her or whatever.
BTW... THERE IS NO LIMIT TO THE MEDICARE TAX. IT IS CHARGED ON EVERYTHING... 2.9% now for a self-employed person and a new obastard care surtax. Medicare insurance premiums ARE means tested and if you make more you pay more, a lot more in spite of having already paid in MUCH MORE.
Self-employed people pay 12.4% SS or FICA on all dollars up to the $113k.
Look at the facts of how much tax is actually paid by you and FOR you already... assuming someone who is not self-employed would not be aware of these taxes paid for him already.
I hope some are successful enough one day to wear the shoe on the other foot. I would also like to be around to see them have to eat their words.