General Discussion

Hoyt

(54,770 posts)

17. As much as I want/need my SS benefits to increase, raising the cap won't solve the problems with SS.

Wed Dec 18, 2013, 11:37 PM

Dec 2013

And, what is essentially a 14 percentage point tax increase above the current cap will take a bunch of potential funds from other things for which we need to increase taxes -- education, jobs, unemployment benefits, help for younger folks who are really getting screwed nowadays, health care improvement, etc.

What JoeB says is correct, benefits will increase for those who would pay more if cap is increased unless we just say, "screw you, you make more than me so shut up." I don't think that is right.

Now, I don't have an issue with some relatively small increase in taxes on capital gains, wealth, etc., earmarked to shore up SS without changing benefits.

But, it won't have a chance with current legislative makeup.

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Raise the Social Security cap - over $173,000 per year [View all] Aerows Dec 2013 OP

NO CAP!!!! n/t Betsy Ross Dec 2013 #1

Even better Aerows Dec 2013 #2

+1! Incitatus Dec 2013 #6

+a whole lot..... daleanime Dec 2013 #27

I know I sound like a broken record Aerows Dec 2013 #3

What good does that do? joeglow3 Dec 2013 #4

Oh my Aerows Dec 2013 #5

And your response explains everything. joeglow3 Dec 2013 #7

As does yours n/t Aerows Dec 2013 #8

Facts can be pesky, huh? joeglow3 Dec 2013 #11

Clearly I hate discussions Aerows Dec 2013 #13

A maximum benefit that is based on earnings joeglow3 Dec 2013 #14

If they can rewrite the law to remove the cap on income subject to the OASDI tax Mariana Dec 2013 #19

And now you turned social security into a welfare program. joeglow3 Dec 2013 #20

........ daleanime Dec 2013 #29

Wow. joeglow3 Dec 2013 #30

You think the rate of return is equal now? The more you put in the more you get but TheKentuckian Dec 2013 #36

There is a maximum benefit Joe tkmorris Dec 2013 #9

Actually, there isn't. joeglow3 Dec 2013 #10

I may be mistaken tkmorris Dec 2013 #32

I loved your last sentence Aerows Dec 2013 #12

There is no cap on benefits, benefits are calculated from earnings FogerRox Dec 2013 #15

After paying for larger benefits, there should be some leftover FogerRox Dec 2013 #16

I'm under the impression that there's a cap on the payout, and that SheilaT Dec 2013 #24

SS payouts are based on your 35 highest earning years joeglow3 Dec 2013 #25

So just raise the cap a whole lot. SheilaT Dec 2013 #34

Perhaps some actual facts are in order. mbperrin Dec 2013 #28

As much as I want/need my SS benefits to increase, raising the cap won't solve the problems with SS. Hoyt Dec 2013 #17

My Social Security contribution has nothing to do with my tax rate. TheKentuckian Dec 2013 #37

If government takes 13% off the top for FICA, that's 13% not available for other things. Hoyt Dec 2013 #38

Again, my tax rate has nothing to do with my Social Security contribution TheKentuckian Dec 2013 #41

But if we needed to increase your income taxes to pay for education, jobs, etc., it wouldn't make Hoyt Dec 2013 #42

Why not just eliminate it outright? 6% and change doesn't impact a person making bluestate10 Dec 2013 #18

It's really twice that 6+%. Right, 13% isn't a big deal for someone making a million, but Hoyt Dec 2013 #21

Maybe there's another way... KennedyBrothers Dec 2013 #22

I really think that is the type thing we need to look at, or combination of that Hoyt Dec 2013 #23

With the extension of the Bush taxcuts for every couple under $450K...? kentuck Dec 2013 #26

Agreed, with the caveat of a maximum benefit. ALSO... cap the Mortgage Deduction. cherokeeprogressive Dec 2013 #31

Ummm, there is a cap on the mortgage deduction. SheilaT Dec 2013 #35

no brainer....nt Old and In the Way Dec 2013 #33

If Congress thinks SS is in such dire straights, then why don't they pay it back? CrispyQ Dec 2013 #39

Exactly Aerows Dec 2013 #40