General Discussion
In reply to the discussion: Oh Crap!!! "Social Security Cuts Still ‘on the Table’ but Not in Obama’s Budget"!!! [View all]grahamhgreen
(15,741 posts)By increasing their taxes, the money goes into the general fund where it is needed.
The top tax rate in the 50's was 91%, now most of the wealthy pay a fraction of the 20% rate they get with capital gains tax (Romney paid 13%). Large corporations pay pay as little as ZERO to minus 1.5 percent for subsidies!!!
Raising the cap of SS so that those making over $113,000/year continue to pay into it makes SS solvent 'forever', regardless of if we are paying the wealthiest their earned benefits.
Once they go in and cut, for any reason, they will use this lever to cut more and more, until it affects those who need it the most. This is the pattern and practice of behavior from those I've seen advocating for cuts.
Increasing the taxes on the wealthy will solve all of our fiscal issues. They are paying far to little. They can afford to pay.