Social Security and the life expectancy meme: the age of SS cutting is upon us again.

[OrangeJoe]

132. Payments are tied to contributions

Last edited Sat Mar 23, 2024, 06:52 PM - Edit history (1)

While it's true that the more you earn, the more you pay in and the more you take out. However, the formula is progressive (up to a certain point, more on that in a minute). Someone who paid in twice as much as someone else does NOT get paid back at double the rate. People who paid in more get back more, but not at the same rate they paid.

Now the problem is the cap on earnings subject to the cap. It should be completely lifted and everything you earn subject to the tax. And yes these high income people would get back more than someone who had a lifetime of lower income, but again it is progressive so they wouldn't get that much more back.
Progressive Dog, commenting above me, has it exactly right and stated quite elegantly.

And finally, if you exclude the wealthy it becomes a welfare program and there goes your support. Hell the Repubs are proposing to cut it already. If they weren't benefitting from it it would have been long gone.