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Response to kenfrequed (Reply #35)

Mon May 18, 2015, 10:43 PM

37. I agree. But this seems to be about as progressive as it gets, even Bernie Sanders is for the gap

Senator Bernie Sanders plans to introduce legislation to keep the current cap at $106,800, but to also apply the Social Security payroll tax to earnings over $250,000. It is similar to previous bills and echoes a proposal by then-Senator Obama on the campaign trail in 2008. While this would leave those making between the current cap of $106,800 and the proposed cap of $250,000 paying the lowest rates, it would help secure the solvency of the program and avoid an increase in taxes on the middle class.

- Source: Who's Above the Social Security Payroll Tax Cap?
September 2011, Nicole Woo, Janelle Jones and John Schmitt
http://www.cepr.net/publications/reports/whos-above-the-social-security-payroll-tax-cap


The above is the first "hit" that looked promising to a Google search: "bernie sanders on the social security wage cap"

So might not be his latest, but I've heard him on Thom Hartmann (Lunch with Bernie on Fridays) and I think that's where he still is. You probably won't be surprised that Obama is apparently for the upper middle class gap too.

Using the 2015 figure for the max cap -- $118,500 -- rather than the $106,800 for 2012 in the excerpted text above --

On the other hand, although people making between $118,500 in 2015 and $250,000 won't pay any additional SS tax, they won't get any additional SS benefits either when they retire -- they'll get the same benefits as one making $118,500, so it's not quite as awful as it looks at first glance.

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LineLineLineLineLineReply I agree. But this seems to be about as progressive as it gets, even Bernie Sanders is for the gap
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kenfrequed May 2015 #41
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