Posted on 08/23/2019 9:38:46 AM PDT by SeekAndFind
Get rid of it completely and start over with the 36 and under millennials.
Is this the FICA deduction that I see on every paycheck?
Today is payday. FICA deduction is 5.7% of my earnings.
And do what with the 62 and older Baby Boomers?
> FICA deduction is 5.7% of my earnings.
About double that, actually, because your employer has to match it.
Let us rot! Never mind how much we’ve paid in! It’s a Ponzi!
RE: Is this the FICA deduction that I see on every paycheck?
Yes it is. The Federal Insurance Contributions Act (FICA) AKA Payroll tax, is the federal law requiring employers to withhold three separate taxes from the wages they pay their employees.
FICA is comprised of the following taxes:
1) 6.2 percent Social Security tax;
2) 1.45 percent Medicare tax (the “regular” Medicare tax); and;
3) Since 2013, a 0.9 percent Medicare surtax when the employee earns over $200,000.
62 and older baby boomers. Take it out of the general fund. Well-to-do get no more than they put in + that one or 2% interest. It will take 50 years for the last of the 37 year-olds to die. Aged 37 to 62? I say pay them off somehow.
I would scale it. Younger workers pay a higher rate and it scales downward based on years paid in. I would also do this with municipal employees.
No. Don’t add to the deficit and debt.
Social Security is unconstitutional. End it. Stop taking the taxes, stop sending the checks. If Congress wants to do something to ease the pain — and can do it within constitutional limits — that’s fine. Just don’t raise my taxes to do it.
Wow, espousing 20th Century conservatism in the Age of Trump? Off to the reeducation camp you go! (sarcasm)
Because you may not know. The payroll tax is Social Security and Medicare. Its not a tax at all. Payroll tax is just 1984 style double speak for two underfunded insurance schemes run by the federal government. There is no reason to change the funding of these two schemes. Everyone pays in. The question is why do people get to take out more than they put in. Well if you live to 90, ok. But there are lots of people who take out more before they even turn 75.
Social Security is going to be ok. It will go red when the baby boomers hit maximum retirement in 15 years. But it quickly goes back into the black. And it could be improved right now by increasing the retirement age by one year.
Medicare is the issue. Its the only issue. We need to lower costs. We need to reduce expenditures until medicare becomes close to solvent.
I completely agree with your point about why people get more than they contribute. That said, not everybody pays in. My MIL never worked a day in her life. She drew survivor benefits of $1500 a month from my FIL's SSN after he passed. She lived another 16 years after he passed. $288K for just one person who didn't contribute a dime, and I know for a fact that amount's WAY beyond what my FIL contributed. There are millions of others in similar situations.
Regardless of these record intakes, Congress always manages to outspend whatever is taken in, usually by an obscene amount. This, then, requires Congress to raise the debt ceiling in order to pay for its profligate spending.
And still, the Democrat politicians cry for more taxes to cure this yearly imbalance.
Since the Congress habitually raises the debt ceiling, regardless of the amount of revenue acquired or taxes collected, why do we have to pay taxes at all? With no income tax, the government will roll along just fine, increasing the debt as fast or slowly as it pleases - without all the absurd posturing as to who has to pony up their 'fair share.'
NO!!! Make “everyone” who earns even a single $ pay at least 10% so that everyone shares in the pain!!!
Agree, get rid of it completely or leave it alone and do a targeted tax cut towards the middle class. Obama’s payroll tax cut was a Byzantium disaster.
Wow, thinking 20th century “conservatives” gave a damn about debt and deficits.
RE: NO!!! Make “everyone” who earns even a single $ pay at least 10% so that everyone shares in the pain!!!
Herman Cain wanted 9% ( remember his 9-9-9 plan? )
Cutting taxes is good, but cutting SPENDING is CRUCIAL!!!!
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