General Discussion

FogerRox

(13,211 posts)

30. Some may wish to punish the uber rich.

Tue Oct 9, 2012, 10:56 PM

Oct 2012

But as you properly describe Social Security is not the time and place. Raising income and cap gains taxes is the way to go IMHO.

Tp Paraphrase FDR of we take not from capital we then owe nothing to capital.

SS is insurance, we make insurance payments. in fact is is legally insurance. IT is administered as an insurance program.

Unfortunately some cant bring themselves to look past the surface of an issue.

Removing the CAP is really something the GOP wants as a route that leads to the dismantling of SS.

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Why doesn't anyone talk about raising the cap for social security? [View all] still_one Oct 2012 OP

Oh ...well that would be called "raising taxes". L0oniX Oct 2012 #1

"raising taxes" ...not for the 98% L0oniX Oct 2012 #58

And we can't raise revenue without letting "leeches" engage in blood letting as well.... tokenlib Oct 2012 #2

The big question that people often don't address on this subject is, Nye Bevan Oct 2012 #3

Great idea, but needs to be coupled with abumbyanyothername Oct 2012 #7

Welfare has means testing, The GOP will jump on that big time. FogerRox Oct 2012 #17

i must have missed this quote. but it makes sense. Robeysays Oct 2012 #25

Yet SS is means tested, at least to some degree Major Nikon Oct 2012 #35

Major. Means testing does not exist in SS FogerRox Oct 2012 #52

I'm well aware of how the benefit is calculated Major Nikon Oct 2012 #59

AIME. Good. Lots of folks here are severely misinformed FogerRox Oct 2012 #61

I have no illusions that SS needs to be "fixed" Major Nikon Oct 2012 #62

Improving benefits should be more than possible. FogerRox Oct 2012 #64

social security *has* means testing already. SS is taxed at 85% for those with more than $32K HiPointDem Oct 2012 #39

You misunderstand the term. Taxing income is very different from means testing. Bluenorthwest Oct 2012 #77

no, you misunderstand. social security benefits didn't use to be taxed. that began under reagan HiPointDem Oct 2012 #79

AIME formula. The answer is yes. FogerRox Oct 2012 #8

No you do not. The two issues are counterproductive. jwirr Oct 2012 #22

The problem with breaking the link between contributions and benefits Nye Bevan Oct 2012 #23

Some may wish to punish the uber rich. FogerRox Oct 2012 #30

+1. so many people so eager to mess with SS, so few eager to mess with income taxes. HiPointDem Oct 2012 #40

The problem is that once you disconnect payments from benefits for the rich you open the possibility dkf Oct 2012 #36

nope. Robeysays Oct 2012 #24

Absolutely not eridani Oct 2012 #28

Yes, I think that would be necessary. sabrina 1 Oct 2012 #65

By "anyone" I assume you mean Obama or Romney DURHAM D Oct 2012 #4

Yes, exactly. still_one Oct 2012 #54

Fix the economy and you fix Social Security. FogerRox Oct 2012 #5

+1. if those things don't get fixed you can kiss SS goodbye. also kiss your pensions and savings. HiPointDem Oct 2012 #41

Especially since . . . abumbyanyothername Oct 2012 #6

In a worse case scenario- the ACA will make SS go broke about 7 months FogerRox Oct 2012 #16

TO paraphrase FDR FogerRox Oct 2012 #9

I would get rid of the cap completely etherealtruth Oct 2012 #10

Curious, for what purpose? FogerRox Oct 2012 #31

Then you need to raise payments to those who start paying more. Only fair. Logical Oct 2012 #11

the AIME formula figures benefits based on payments. FogerRox Oct 2012 #15

We cant talk about anything during "Election Season". nm rhett o rick Oct 2012 #12

Obama has said he favors this idea. Qutzupalotl Oct 2012 #13

President Obama addressed this at the AARP ProSense Oct 2012 #14

Because of the problems outlined in the comments. FogerRox Oct 2012 #18

I'd like to raise the cap so we can cut the %. truebluegreen Oct 2012 #19

Thats purpose of the Earned Income Tax Credit FogerRox Oct 2012 #67

I agree with almost everything you have said truebluegreen Oct 2012 #69

Well Biden did say it never happened. FogerRox Oct 2012 #70

Biden (love that man, always have) truebluegreen Oct 2012 #71

91% for 9 years ending in 1964. 70% did not start untill 1964. FogerRox Oct 2012 #72

I would assume that even if the law was signed in '63 truebluegreen Oct 2012 #73

Yes I know for sure. Thats why I said it. FogerRox Oct 2012 #74

thank you for the info. truebluegreen Oct 2012 #75

Because we want to keep focus on the Warren Buffet Rule? grantcart Oct 2012 #20

This is important. Fixing the economy won't necessarily be enough. Jim Lane Oct 2012 #21

You don't have to let the benefits rise correspondingly eridani Oct 2012 #29

Back that up, please do FogerRox Oct 2012 #32

The economy is important but it's not the only factor at work. Jim Lane Oct 2012 #34

we don't need to do a damn thing about social security today. not a damn thing. and if the HiPointDem Oct 2012 #43

CBO San Fran Fed are quite clear FogerRox Oct 2012 #50

a 25 year recession = worst economic depression since the BLack Plaugue FogerRox Oct 2012 #68

Here's a citation for you. bornskeptic Oct 2012 #44

Each year the Trustees release 4 scenarios, you have cited one. FogerRox Oct 2012 #47

try projecting 75 years to infinity if you want tricks. kind of how the post office prefunds their HiPointDem Oct 2012 #42

The job of an actuary is to provide a fiscallly conservative projection FogerRox Oct 2012 #48

The irony is PatSeg Oct 2012 #26

Sales taxes are heavily regressive.. Fumesucker Oct 2012 #37

True PatSeg Oct 2012 #56

Why hasn't either side talked any about the middle class tax increase coming on Jan 1. The doc03 Oct 2012 #27

Robert Reich: How to Fix Social Security Permanently Poiuyt Oct 2012 #33

Actually Bowles and Simpson recommended the exact same change os Reich: bornskeptic Oct 2012 #45

Thanks, that's a very informative source about the point I made concerning income inequality. Jim Lane Oct 2012 #46

It is sacred. Adjust the cap - its historically been at 90% FogerRox Oct 2012 #49

actually there is. it's what keeps ss from turning into something that can be categorized as HiPointDem Oct 2012 #51

Eliminating the cap would not turn SS into welfare. Jim Lane Oct 2012 #57

it would, actually, because the top 10-20% of wage earners would be paying for most of the program. HiPointDem Oct 2012 #63

Removing the income cap and placing a limit on benefits is means testing FogerRox Oct 2012 #66

they talk about it regularly here. HiPointDem Oct 2012 #38

I am talking about our illustrious politicians. Bernie Sanders is not included in that group still_one Oct 2012 #55

Because it would be fair. bamacrat Oct 2012 #53

"Anyone" does. elleng Oct 2012 #60

The same reason why they don't talk about raising the caps orpupilofnature57 Oct 2012 #76

Obama has, and occasionally still does. Bluenorthwest Oct 2012 #78