Let me explain one way you are about to get screwed by Obama's $250K tax break?

[HiPointDem]

63. So you're saying not only will higher-earners pay more, they'll also get higher benefits?

well, that will be a big savings, i'm sure. yes, that will keep things solvent forever.

you might consider that maybe the people who designed the program (who were more progressive than 90% of today's democratic office-holders) knew what they were doing.

Over the last 30 years, over $2 trillion was borrowed from workers in the form of excess Social Security taxes. That surplus went to fund the general budget during those 30 years.

When the Reagan administration hiked SS taxes in 1983, we were told we were 'prefunding' our own retirements and the money would be paid back out of the general budget (funded by income taxes, of which the top 1% pays 37%) when needed.

For 30 years we paid those extra taxes. During the same time period, income taxes on the rich were cut, and the SS surplus made up part of the difference.

According to the last SS Trustees report I saw, in 2021 SS starts taking in less taxes than it pays out in benefits, and the general fund will have to start repaying part of what it borrowed. Which means the rich need an income tax hike and a capital gains hike.

But funny thing, instead of letting the Bush tax cuts (the bulk of which went to the richest segment of the population) sunset when they were supposed to, this administration gave the rich an extension.

And the democrats are talking about how we need to uncap social security so as to get even more money from workers. Why the rush?

I figure the rush is to avoid raising income taxes on the rich for another 20 years.

Then they can pull the same stunt again.

So when are the rich going to pay what they owe?

Never, methinks.