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LuvNewcastle

(17,924 posts)

4. Right now, people pay SS taxes only on the first $100,000 or so of income.

Reply to DURHAM D (Reply #1)

Mon Nov 18, 2013, 11:53 AM

Nov 2013

That's what they mean when they talk about "the cap." Removing that cap so that the wealthy pay SS taxes on all their income, just like everyone else, would save SS.

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Sherrod Brown has a solid plan to save Social Security. [View all] cali Nov 2013 OP

Could someone flesh this part out for me? DURHAM D Nov 2013 #1

raising the cap cali Nov 2013 #2

That means the maximum payout would also need to be increased. DURHAM D Nov 2013 #5

I don't think that's correct. could you provide some links? cali Nov 2013 #9

common sense DURHAM D Nov 2013 #10

sorry, but that doesn't answer my question. cali Nov 2013 #11

funny thing "common sense" in that often it's neither leftyohiolib Nov 2013 #16

Currently the wage limit in which FICA is withheld is $113,600, if this limit was lifted then FICA Thinkingabout Nov 2013 #3

Right now, people pay SS taxes only on the first $100,000 or so of income. LuvNewcastle Nov 2013 #4

The Senator did not mention the cap. DURHAM D Nov 2013 #6

You're, right, he didn't. I don't know what Brown is thinking exactly, LuvNewcastle Nov 2013 #7

No. He meant raising the cap. He's repeated stated that. cali Nov 2013 #8

I'd go further. Lift the cap on payroll, impose the tax on capital gains too. Scuba Nov 2013 #12

+100 truebluegreen Nov 2013 #13

Agree with this. DURHAM D Nov 2013 #14

yes. cali Nov 2013 #15

That's my senator! nt riqster Nov 2013 #17

Mine too. Enthusiast Nov 2013 #21

eliminate the cap. add a child stipend. pansypoo53219 Nov 2013 #18

Message auto-removed Name removed Nov 2013 #19

you clearly know zip about what SS actually is. cali Nov 2013 #20