[poobear]

Don’t forget, SS/MED is matched by Employers. Keep sticking it to small entrepreneurs and see what happens. Right now my SS/Medicare matching funds are triple what I deposit monthly in Federal Withholding. Most of our employees get THAT back. The Federal Government is running on SS/MED withholding and Employer matching funds.

[eyedigress]

That taxing of SS is a real kick in the butt. I can’t believe that it isn’t vigorously attacked. (and no I don’t receive SS)

[businessprofessor]

Here is a suggestion. Force all state and local government employees into social security. State and local government employees are now getting a free ride. They have huge reservoirs of deferred compensation in their pensions. They can save outside of social security to supplement their pensions. Many state and local government employees even find ways to get social security without paying the tax.

The breadth of this tax increase is stunning. It will decrease savings and increase the cost of employing US workers leading to even more lost jobs. Lower economic growth will lead to less tax revenue.

Here is a plea to the dims: Please give the rest of us the same deal as the state and local government employees. We will not demand gold-plated pensions. We just want the ability to save for our retirement and opt out of the Ponzi scheme known as social security. We also want our employers to be excused from their share of the Medicare tax if our employers agree to put the money in a fund for early retirement health care. I thought these state and local government workers were serving us. It seems that they are shafting us instead.

[kabar]

That’s why it would hurt the economy. Currently, there is no cap on earnings subject to the HI payments. About 40% of all Federal revenue comes from SS and Medicare receipts. About 80% of Americans pay more in SS/HI than they do in income taxes.