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Bake

(21,977 posts)

39. It is NOT an insurance premium.

Fri Jan 4, 2013, 04:34 PM

Jan 2013

An insurance premium is a CONTRACTUAL payment you make in exchange for certain SPECIFIED BENEFITS which the insurer is contractually obligated to pay.

Our Soc Sec benefits can be changed at the whim of Congress, or even eliminated altogether. If your insurance carrier tried that, you could sue for breach of contract. Try doing that with Congress, and good luck.

FICA is NOT an insurance premium.

Bake

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Today, I will eat a Serving of Crow. [View all] bvar22 Jan 2013 OP

Du rec. Nt xchrom Jan 2013 #1

I'd rather bring back the holiday, and remove the cap. nt stevenleser Jan 2013 #2

Removing, or at least greatly increasing the cap is a no-brainer, which I guess speaks volumes Flatulo Jan 2013 #14

Yes, I did too in the late 1990s. I hit the cap two or three times. It was a shock the 1st time stevenleser Jan 2013 #15

I hit the cap my whole life, usually in August or September. I thought it was stupid then, Flatulo Jan 2013 #17

Raise the cap, exempt the first 15K in wages. Ikonoklast Jan 2013 #19

I'd take it one step further drmeow Jan 2013 #20

I'd sell the lower exemption with an upper limit. Ikonoklast Jan 2013 #22

I got my ass kicked by some people when I made that WCGreen Jan 2013 #3

I thought the same thing Enrique Jan 2013 #4

I found a recipe: JaneyVee Jan 2013 #5

You're not eating crow, just acknowledging your surprise leftstreet Jan 2013 #6

Social Security didn't lose a penny in the trust fund over the Payroll Tax Holiday. RomneyLies Jan 2013 #7

Kick, rec, share the crow Doctor_J Jan 2013 #8

Well said. Thank you. nm rhett o rick Jan 2013 #9

DU has a way of serving us all a nice tasty crow at one time or other DonRedwood Jan 2013 #10

'These deductions are NOT "taxes".' - Yes they are... PoliticAverse Jan 2013 #11

RepubliCONS always refer to it as "entitlement"; in a pejorative sense. xtraxritical Jan 2013 #21

Informative post! longship Jan 2013 #12

Yes, language is powerful. freedom fighter jh Jan 2013 #13

Thankfully, the Democratic founders of the most successful Social Program EVER in the USA... bvar22 Jan 2013 #30

Oh, I get it. freedom fighter jh Jan 2013 #31

"can't defend the program on its merits"???? bvar22 Jan 2013 #34

You're right. I should have said freedom fighter jh Jan 2013 #35

You have NO idea what I feel. bvar22 Jan 2013 #36

I wasn't talking about what you feel. freedom fighter jh Jan 2013 #37

LOL.. bvar22 Jan 2013 #38

I agree h2ebits Jan 2013 #16

Kick, but I always think we're going to win these things! grahamhgreen Jan 2013 #18

KnR, bvar Hekate Jan 2013 #23

I'll have serving of that crow as well. obxhead Jan 2013 #24

recommended, for your humility, not for you having to eat crow. grantcart Jan 2013 #25

I second that motion. eom BlueCaliDem Jan 2013 #26

I'm glad Dems still had the guts to let it expire. It was lethal to the long-term survival of SS. reformist2 Jan 2013 #27

I honestly can't say I'm happy about it. DaveJ Jan 2013 #28

FICA deductions are a way to hide the regressivity of the tax code Recursion Jan 2013 #29

They ARE regressive only when viewed through the Republican lens as a "Tax". bvar22 Jan 2013 #33

It is NOT an insurance premium. Bake Jan 2013 #39

Insurance Carriers "interpret" their contracts every single day. bvar22 Jan 2013 #40

I"m a lawyer. I deal with insurance companies all the time. Bake Jan 2013 #41

......a lawyer who is blinded by the minutia on this topic. bvar22 Jan 2013 #42

Totally agree with your post. loudsue Jan 2013 #32