Save Social Security By Scrapping The Cap

[Travel Hat]

Link to tweet

[lark]

1. Go Bernie!

It won't pass because Millionaire Mancin won't allow it, but it is shockingly obvious that this is the needed fix.

[FalloutShelter]

2. Say it with me...

CUT THE CRAP. RAISE THE CAP… CUT THE…
You get the idea.

[panader0]

3. The SS cap is another way that the rich take advantage of the poor.

People who make much more than $160,000 still get Social Security when eligible. If the cap is
$160,000, then no one who earns more should be entitled to receive Social Security.

[redstatebluegirl]

4. It will never happen.

The rich people who run Congress will never allow it, and the people who are in Congress don't need Social Security and Medicare so they don't care.

[RANDYWILDMAN]

20. I hate post like this....

Cause I can't rec them !


I agree with you, but it shouldn't be that way at all !

We need people who need social security in the congress, we need people who were or are on assistance in the congress, we need people who struggle to navigate medicare to be in congress, we need people who have had their pension shrunk or taken away in congress, we need more people who struggled to pay their medical bills in congress.

[redstatebluegirl]

25. Agreed!

[packman]

5. Hah - and take away the one or two things they tie their default hopes on --

They need to keep the threat of Soc. Sec./Medicare/Food programs, etc. bankrupting the government in the forefront of their attacks. Also, the very idea of those programs becoming untied from the government and turned over to "free enterprise" makes conservative politicians droll. Nothing would make them happier to see FDR's welfare end .

[Lonestarblue]

6. The business lobby will be up in arms over getting rid of the cap entirely.

They pay the other half of Social Security and Medicare taxes, which they don’t want to pay at all. Imagine how much bigger the multimillion dollar bonuses for CEOs and top executives could be if they could eliminate SS and Medicare taxes entirely. Never mind that those are deductible expenses for the business. They just want the money.

[KS Toronado]

9. How about if we end the employer's half at a certain dollar amount?

So only the rich was paying on the high end. Food for thought.

[CaptainTruth]

15. I like that idea.

[MichMan]

17. The employer gets to keep it ?

[KS Toronado]

19. Employer gets to keep nothing, they always pay in to SS

If there was no cap on earnings for employees, we could lower employers contributions from the current
$160,000 to something lower saving them money. Big business would probably love this to be the law
of the land, wealthy oligarchs who buy repug congress critters not so much.

This answer your question?

[questionseverything]

22. $160,000 isn't rich

[MichMan]

23. "How about if we end the employer's half at a certain dollar amount?"

If employers SS contributions end at a certain dollar amount, wouldn't that mean they save money because they aren't paying in as much?

[KS Toronado]

24. Original OP stated........

"I will be re-introducing my bill to extend Social Security's solvency for the next 75 years & expand benefits by
$2,400 a year. How? By scrapping the cap. Today, a billionaire pays the same amount into Social Security as
someone making $160,000 a year. Let's end that absurdity"

Lonestarblue #6 stated " business lobby will be up in arms over getting rid of the cap entirely."

I replied saying basically ... let's leave the employers cap at $160,000 so as not to get them mad

Employers aren't going to save any money if their cap stays at $160,000

Guess I wasn't as clear as mud, hope I am now. Let me know.

[Lonestarblue]

21. Considering how many times corporate tax rates have been lowered, I'd rather keep them

supporting SS and Medicare. Perhaps some limits on what small businesses pay, though they are not likely to be paying million-dollar salaries.

[wiggs]

7. Listened to a couple of interviews over the weekend on POTUS syriusxm. I did not once

hear the interviewer ask why raising taxes shouldn't be on the table for discussion. All about tightening the belt, and entitlements (inaccurate word), and out of control debt.

[PatSeg]

8. That has always been the obvious solution,

but those with great wealth didn't want people to realize it.

If not scrapping the cap, at least raising it considerably.

[IronLionZion]

10. Elections are important

every little state legislative seat is important for drawing fair district lines for the US House.

When GOP campaigns on drowning our government in the bathtub, of course they will prove it when elected. They do it every time. They cut important programs like social security and medicaid. They cut taxes for the wealthy. They cause recessions.

And then they blame us for egg prices or some such nonsense.

[iscooterliberally]

11. Most of us pay into this based on 100% of our income.

That should be the same for everyone no matter who they are.

[MichMan]

14. And the amount you collect is based on how much you pay in.

Would benefits also go up for those affected once the cap is removed? That is why it has traditionally been defined as insurance

[iscooterliberally]

16. That's a good question.

My statement is more about getting more money into the system. Of course I would want the benefits to go for everyone, especially those at the bottom. I'm not an accountant or finance person though. I just think it's BS that billionaires in this country aren't filling up SS based on their total incomes too.

[cilla4progress]

12. What I've heard - the downside -

is this then makes SS means-tested and thus more vulnerable to political whims, cuts.

[republianmushroom]

13. like it

Why wasn't the cap scrapped 2 years ago ?

[GGoss]

18. What He Said

[ProfessorGAC]

26. As Someone Who Maxxed Out...

...my last 30 years of working, I support this fully.
We wouldn't have missed that other 5-6 hundred bucks as I never would have seen it in the first place.
Neither would others who hit the deduction cap.