Ok.. Fuck You Lawrence O'Donnell and MSNBC

[LooseWilly]

131. SS is only charged on first $110,100 for 2012, at 4.2% (and another 6.2% paid by employer)

For 2013 it rises (back) up to an even 6.2% paid by employer & employee each.

The person who earns $450K only pays Soc Sec on the first $110,100. the remaining $339,900 is not taxed the 4.2% (6.2% come 2013). That's $14,275.80 (rounds to $14,276) for this one fictitious individual in potential Soc Security funding, were all of his/her income subject to the same FICA tax rate as the income of those who don't enjoy a fantastic salary. And, that's at the 2012 reduced rate! Come 2013, when Obama's cut to Soc. Security tax rate expires, that would rise to $21,073.80 ... which is more than the Soc. Security payments for an entire year for many 80 year-olds who've been working all their lives.

Meanwhile, dude who makes $450K gets same benefits, based on amount of time they've worked, as anyone else. "Commensurate benefits"?... no, a progressive tax rate, by definition, doesn't give a "commensurate" benefit... it taxes those who can afford it more, and those who can afford it less, less.

If anyone is ever serious about "fixing" Social Security, this is precisely the method that would best be used (& maybe apply FICA taxes to investment income for any who don't have a "minimum" level of "ordinary" or "labor" income). If someone earning $450K will pay the Social Security for over a year for one beneficiary, themselves... then those who earn $10 million would be able to reassure themselves that they are single-handedly paying the social security benefits fo 20+ beneficiaries.

It could happen, if anyone ever gets serious about fixing anything.