Democratic Senator Introduces Bill To Lift Social Security’s Tax Cap, Extend Solvency For Decades

[stopbush]

18. Sen Begich has wisely included language that will diffuse the usual RW argument against lifting

the cap.

That argument is that the rich shouldn't be asked to pay extra for benefits they will never get, ie: they will pay so much into the system that they will never come close to reclaiming in SS benefits the amount of money they paid in.

Begich addresses that by giving them an increase in their benefits.

BTW - this RW argument has always been a BS argument. It implies that rich people would be ill used by lifting the cap because they would be paying a lot more money into the system and not seeing added benefits, while people below the cap who live longer eventually draw more benefits than they paid into the system.

But this ignores the fact that many people pay into the system for years and die before they ever draw a penny in SS benefits. It also ignores the fact that some people draw benefits for only a few years before dying, never collecting all the money they paid in.

I have read that lifting the income cap on paying into SS would make the system solvent in perpetuity. That alone should be enough reason to lift it.