Bush: Retirement age should be phased in to ’68 or 70’

[TexasBushwhacker]

96. Raise the freaking cap and increase the tax by 1%

Plain and simple. Of course their will be push back from those who earn more than the current cap and there will be push back from employers who don't want to pay the additional 1%.

There is an idea I've seen floating about that I like. While many would like to just eliminate the cap in one fell swoop, it could also be raised with an untaxed window that is gradually closed.

For example, the $113K cap could be raised 20% a year for 5 years. That would take it up to about $280K. But then there would be a window of untaxed income up to $1 Million. Then everything over $1Million would subject to SS tax. Doing it this way will tax more of the 1% who have reaped all the gains over the last few decades. Every year, the lower part of the window would be raised, eventually making all income subject to SS tax.

Furthermore, I think everyone who has investment income over a certain amount, say $1Million, should pay Social Security and Medicare tax on the investment income over that limit. I also don't think it makes any sense to make long term capital gains taxed at a lower rate when that income is very high. Let's put that limit at $2 Million. It's crazy that a trust fund kid or a hedge fund manager could make millions in capital gains income and never pay a dime to Social Security or Medicare?

The SS Act established the OSADI. That stands for Old, Survivors and Disabled INSURANCE. We have to have liability insurance on our car. If it's not fully paid for, comprehensive insurance too. If your home is financed, you have to carry insurance on it. Why do would we treat the security of our old, survivors and disabled as any less important than covering the loss of a car or a house? A civilized society takes care of its most vulnerable members. PERIOD.