General Discussion

machoneman

(4,128 posts)

17. I read a few years ago this: raise the cap to $250,000 and extend SS another 15 or so years.

Reply to trueblue2007 (Original post)

Tue Apr 23, 2019, 03:54 PM

Apr 2019

Make it $1,000,000 and IIRC it would go to 2085 or 2090!

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About SS ... Maybe people who are super rich should not get SS ?? I dunno. Maaybe. [View all] trueblue2007 Apr 2019 OP

Raise the cap. Freethinker65 Apr 2019 #1

Yep. Listen to this poster. Just raise the cap at how much salary can be taxed. manor321 Apr 2019 #2

How about no cap at all? llmart Apr 2019 #5

Yup. Let them collect the same as everybody else, and pay the same as everybody else. lagomorph777 Apr 2019 #9

Do you know how the amount people are paid is calculated? nt dumbcat Apr 2019 #20

It's based on the most recent 5 years of income, I believe. lagomorph777 Apr 2019 #46

Based on highest 35 years of income. yellowcanine Apr 2019 #54

Thanks! lagomorph777 Apr 2019 #64

If someone pays into it they should receive the benefits. Lochloosa Apr 2019 #3

Raise the cap, or eliminate it. The Velveteen Ocelot Apr 2019 #4

I'm ignorant..... i will have to study this. i don't know what RAISE THE CAP means. trueblue2007 Apr 2019 #7

There's an upper limit on how much of your income is subject to FICA. lagomorph777 Apr 2019 #10

You have to pay FICA tax as part of your tax bill, but only up to a certain income level. The Velveteen Ocelot Apr 2019 #13

Any earnings under I think $125,000 are subject to SS taxes. Blue_true Apr 2019 #27

It's an attractive idea, but . . . gratuitous Apr 2019 #6

"Entitlement" is a synonym for "earned benefit." lagomorph777 Apr 2019 #12

Thank you! shanti Apr 2019 #24

Can a rich person currently voluntarily not recieve SS benefits? Blue_true Apr 2019 #29

I have always thought we need to raise the cap. Laffy Kat Apr 2019 #8

A millionaires fortune could change, so can a billionaire's fortune change. Blue_true Apr 2019 #31

SS is already means tested. After you reach doc03 Apr 2019 #11

Bookmarking. n/t rzemanfl Apr 2019 #15

I read the SS site a few minutes ago. Blue_true Apr 2019 #32

We are talking two totally different subjects. You are talking of a reduction of benefits. doc03 Apr 2019 #44

Ok, I understand your point better. nt Blue_true Apr 2019 #45

Eliminate the cap on paying into Social Security and make a cut off for those that receive it. PeeJ52 Apr 2019 #14

How do you "cutoff" someone who paid into the system because that person is rich? Blue_true Apr 2019 #33

You say, no soup for you... It's easy... They probably had plenty of handouts from the government... PeeJ52 Apr 2019 #47

If only it was that simple. A lot of rich people didn't get rich by taking government handouts. Blue_true Apr 2019 #49

Or wait.. Just like they did it with tRump's tax cuts. They just do it... PeeJ52 Apr 2019 #48

No. But it's not a huge problem. fescuerescue Apr 2019 #16

Exactly. Salviati Apr 2019 #18

If someone's a billionaire they are going to wait until they're 70 to collect their SS. llmart Apr 2019 #23

Peanuts!!! The poster made an excellent point. Blue_true Apr 2019 #34

Another point... llmart Apr 2019 #40

Or stock payouts, which avoids FICA because it is deferred. Blue_true Apr 2019 #42

Why just consider billionaires? Flaleftist Apr 2019 #56

Well I'm addressing the OP's wealth point. fescuerescue Apr 2019 #58

Something has to change. SS will become insolvent if it doesn't right? Flaleftist Apr 2019 #60

I read a few years ago this: raise the cap to $250,000 and extend SS another 15 or so years. machoneman Apr 2019 #17

And while raising the cap... Salviati Apr 2019 #19

The Cap should be eliminated entirely. nt Blue_true Apr 2019 #35

"Means Test" - not a new idea Maine-i-acs Apr 2019 #21

Once "means testing" starts Republicans will chew away at this until rurallib Apr 2019 #26

Someone put up a post about what would be saved, almost 0. Blue_true Apr 2019 #36

means testing sounds fair rurallib Apr 2019 #37

We should stay away from means testing. Push for eliminating the Cap instead Blue_true Apr 2019 #38

Voluntarily forego? former9thward Apr 2019 #57

You cannot introduce a sudden change in SS. Has to be gradual and phased in. BSdetect Apr 2019 #22

I looked around. It is vague whether a rich person who has paid into SS Blue_true Apr 2019 #25

Well, you really don't even have to have an option. llmart Apr 2019 #41

Honestly, if I am still working and healthy at 80, Blue_true Apr 2019 #43

Raise the cap, there goes another 12 percentage points of taxes that we need for things Hoyt Apr 2019 #28

means test & eliminate the cap samir.g Apr 2019 #30

Means testing SS is a wedge among Democrats Recursion Apr 2019 #39

Understand the logic, but disagree with the idea. Caliman73 Apr 2019 #50

We need to tax capital gains at higher rates on stocks to help pay for medicare for all kimbutgar Apr 2019 #51

No! Absolutely don't have a means test. PoindexterOglethorpe Apr 2019 #52

At a certain point though, isn't the cost of administering a means test meadowlander Apr 2019 #53

Maybe TheFarseer Apr 2019 #55

NO. Means testing will label the program "welfare" Liberal In Texas Apr 2019 #59

EXACTLY. It would turn it into "welfare" and doom the program in the long run. pnwmom Apr 2019 #62

Define rich? Texasgal Apr 2019 #61

Which is one of the big problems with this. Liberal In Texas Apr 2019 #63

Rich people,paid imto it also, they deserve it. Nt USALiberal Apr 2019 #65

Socialism is the answer my friend. Joe941 Apr 2019 #66

Howard Dean: "Bill Gates deserves free health care" brooklynite Apr 2019 #67