Top Democratic Pollster Says Don't Mess with Social Security Or Else Face the Wrath of Voters in '14

[freshwest]

24. K & R... Althouggh the cap will be lifted in the ACA

I've posted this over and over and it's in my Journal. AFAIK, there is no serious objection to this anymore. There was when the ACA was first being discussed, by those with high income. It was going to be lift the cap or apply means testing, that was the threat.

YOHABLO had numbers for me when I remembered this discussion:

76. If you are referring to the FICA tax .. $113,700: and yes this cap should be eliminated.

We really could solve a lot of problems by eliminating or either jacking it up to say $500,000. You see these are very wealthy folks we're talking about. They won't be relying on Social Security or Medicare to see them through to ultimate end. They've got money stashed away... dividends, investments. You get the picture. So they could care less. You almost never, never hear about this on MSM ..do you? Hmmm wonder why?

http://www.democraticunderground.com/1014619542#post76

And it's never in MSM, which is why this keeps on coming up.

Changes in taxes on higher income due to the ACA:

Below is a summary of several of the tax law changes that are effective beginning in 2013 and 2014.

Increased Medicare Hospital Insurance Tax

For tax years beginning in 2013, the ACA provides for an increase in the Medicare hospital insurance (HI) tax rate. The HI tax is one of two taxes that comprise the Federal Insurance Contribution Act (FICA) taxes imposed on employers. The other FICA tax is the Old Age, Survivors and Disability Insurance tax. FICA taxes are imposed separately on employers and employees. Self-employed individuals pay an alternative tax, which is essentially equal to both the employer and employee portion of the FICA taxes. Employers pay FICA taxes on wages paid in connection with employment, while employees pay FICA taxes on wages received. The HI tax rate is presently equal to 1.45 percent on wages paid and is not subject to a wage cap.
Beginning in 2013, the ACA increases the HI tax rate for certain “high-income” individuals. An additional HI tax is imposed at a rate of 0.9 percent on taxpayers with wages above: (1) $250,000 and filing a joint return; (2) $125,000 if married filing separately; and (3) $200,000 for all others. For employers, the increased HI taxes will require greater compliance monitoring because of the introduction of graduated rates. In other words, employers will need to be prepared to closely monitor wages.

Surtax on Non-Wage Income for High-Income Individuals

For tax years commencing in 2013, the ACA introduces a surtax on certain high-income individuals, which is imposed at 3.8 percent. The base of the surtax is the lesser of either “net investment income” or the portion of a taxpayer’s modified adjusted gross receipts that exceeds the threshold amounts. The threshold amounts are $250,000 for joint returns, $125,000 for married filing separately and $200,000 for all other taxpayers.

http://www.casinoenterprisemanagement.com/articles/september-2012/fees-and-taxes-learning-aca

There is more there; the search results I am getting are aggravating. Most of them are commerical, so I apologize. The official sources are being pushed so far down in the results that sometimes they do not show up at all.

But these are things that progressives have wanted for a long time. And they were all tucked into the ACA, which is one of the many reasons that the GOP hates it so much. JMHO.

http://www.democraticunderground.com/10023931805#post26

More from ProSense:

...The ACA changes that and makes the wealthy pay more via additional taxes on ordinary and investment income.

Employers already take out 7.65 percent of workers’ wages to support the elderly and disabled. Of that, 1.45 percent goes toward paying Medicare’s hospital bills. Obamacare increases the Medicare hospital tax by 0.9 percent, beginning in 2013, for anyone who earns more than $200,000 ($250,000 for joint filers). It also creates a new, 3.8 percent tax on investment income, setting income thresholds at the same $200,000 and $250,000 levels mentioned above. Taken together, those two provisions are expected to generate $210.2 billion over the next decade.

http://www.democraticunderground.com/10022078875

http://www.democraticunderground.com/10022903550#post87

Anyway, enough for now.