General Discussion

Nye Bevan

(25,406 posts)

11. Nope.

Mon Dec 7, 2015, 06:59 PM

Dec 2015

Someone earning $10 million per year pays exactly the same in Social Security taxes as someone earning $118,500 per year. But then when they retire they receive the exact same Social Security benefit, which seems entirely fair. This is the main reason why Social Security continues to be broadly supported across the entire income spectrum. Trying to turn it into more of a wealth redistribution program would cause it to be perceived more like a welfare program, and we all know what even Democrats tend to do to "welfare as we know it".

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Do you support "scrap the cap" if you make over $118,500, the current cap? [View all] randys1 Dec 2015 OP

Are there any DUers who make over $118,500, the current cap? KamaAina Dec 2015 #1

Has to be, more than you think if the demos here are accurate. randys1 Dec 2015 #2

yep and scrap the cap FreakinDJ Dec 2015 #3

Yes and yes Kber Dec 2015 #36

I'd be for it as long as the retirement formula goes up to reflect it Yupster Dec 2015 #44

Yes, and yes. n/t whathehell Dec 2015 #54

yes I do, and yes, lets eliminate the cap lapfog_1 Dec 2015 #59

I do as well, Throckmorton Dec 2015 #65

Wow, there are a lot of affluent DUers! KamaAina Dec 2015 #66

Yes and yes. Xithras Dec 2015 #75

Yes. There are several. I'm close; but, not quite there ... 1StrongBlackMan Dec 2015 #76

YES and when was the last time it was raised? TexasProgresive Dec 2015 #4

Goes up a little every year. Or almost every year randys1 Dec 2015 #6

Yeah, I see that TexasProgresive Dec 2015 #45

Yes. It's long overdue. Vinca Dec 2015 #5

How could anyone oppose this if they knew it would fix Social Security? randys1 Dec 2015 #7

I know and in Congress it would be a quick fix if they didn't hate grandma so much. Vinca Dec 2015 #14

Yes, in the 90's Clinton wanted 140K! Scrap the cap! ViseGrip Dec 2015 #8

Yes HassleCat Dec 2015 #9

Love your answer. randys1 Dec 2015 #12

Yes! RKP5637 Dec 2015 #10

Nope. Nye Bevan Dec 2015 #11

That is already done since 1983 when Reagan started taxing up to 50% of SS benifits, then doc03 Dec 2015 #19

+1. good and proper answer. Black and white questions/answers are usually off the wiggs Dec 2015 #25

Right now lower income workers are subsidized exboyfil Dec 2015 #29

Millions of Americans pay into the fund their entire lives and never draw a dime in retirement. stopbush Dec 2015 #83

What you propose would destroy Social Security. Nye Bevan Dec 2015 #85

Amazing how you know exactly what would happen. stopbush Dec 2015 #88

Well I have been known to be correct in my predictions. Nye Bevan Dec 2015 #90

yes notadmblnd Dec 2015 #13

NO! Not unless the SS payments when they retire is higher. SS is not a handout, you pay for it!! nt Logical Dec 2015 #15

Yes how much $$ you get when you retire is based on your lifetime earnings notadmblnd Dec 2015 #22

I agree, as long as you increase the benefits also. nt Logical Dec 2015 #27

Thats the curent system, I don't forsee it being changed if the cap is raised. notadmblnd Dec 2015 #28

You do realize then... philosslayer Dec 2015 #49

The formula notadmblnd Dec 2015 #60

Here is the method of calculating it exboyfil Dec 2015 #31

Yeah, it seems to me that it should go up pipoman Dec 2015 #38

Yes I do. Also the threshold for taxing SS doc03 Dec 2015 #16

That must just be for you. notadmblnd Dec 2015 #26

It is not an early withdrawal I am 67 and I am not working. My SS income and pension comes to over doc03 Dec 2015 #33

Yes, scrap the cap. JustABozoOnThisBus Dec 2015 #17

When I used to make >$120,000... ljm2002 Dec 2015 #18

I retired at the end of 2000 and I was always just a couple of months over the cap tularetom Dec 2015 #20

and quit cheating people who paid in and get only 10% of what they should get nt msongs Dec 2015 #21

What? n/t SickOfTheOnePct Dec 2015 #23

No taught_me_patience Dec 2015 #24

Actually, wealthy people already get plenty of benefits TexasBushwhacker Dec 2015 #39

that's like saying hill2016 Dec 2015 #50

Actually, if they donate stock or art, they get a deduction TexasBushwhacker Dec 2015 #58

There is benefit pipoman Dec 2015 #41

Absolutely no benefit? jberryhill Dec 2015 #52

Knew there was a reason I liked you randys1 Dec 2015 #69

+1 n/t FSogol Dec 2015 #74

Yes, get rid of the cap! VMA131Marine Dec 2015 #30

Yes abelenkpe Dec 2015 #32

Of course scrap it Abouttime Dec 2015 #34

The majority of capital gains is inflation Travis_0004 Dec 2015 #35

Functionally, no that isn't correct. Asset price increases have far outstripped inflation. Zynx Dec 2015 #48

Scrap the taxation level and cap the benefit level at the $118K level... JCMach1 Dec 2015 #37

Fuck yes REP Dec 2015 #40

Sure whatthehey Dec 2015 #42

absolutely i do drray23 Dec 2015 #43

Yes, but..... rufus dog Dec 2015 #46

Yes. Frustratedlady Dec 2015 #47

The cap should be at the salary of the President........ thelordofhell Dec 2015 #51

I'd probably say "raise" the cap. zipplewrath Dec 2015 #53

There were two years in the 90's I made over the cap. kimbutgar Dec 2015 #55

I support raising the cap, but... BlueCheese Dec 2015 #56

The employer contribution should increase... Blanks Dec 2015 #57

I agree that the change should come from the employer's side of the equation. Gormy Cuss Dec 2015 #71

Yes. SS is a critically important program. n2doc Dec 2015 #61

Yes. nt Adrahil Dec 2015 #62

Do you support forcing teachers to pay into SS? GummyBearz Dec 2015 #63

Why did you answer a question with a question? If you dont support lifting the cap randys1 Dec 2015 #70

I don't care if the cap is lifted. It wont affect me. GummyBearz Dec 2015 #72

Teachers are overworked and underpaid. If they dont collect soc sec why would randys1 Dec 2015 #77

Yes that is how generally it would go GummyBearz Dec 2015 #82

Fantastic news then, teachers need all the pension money they can get. randys1 Dec 2015 #86

OBVIOUSLY!!! librechik Dec 2015 #64

Yes! Sometimes the bonus takes us over the imit, but I'd rather see Social Security sound and hedgehog Dec 2015 #67

Yes. n/t DefenseLawyer Dec 2015 #68

If I did, hell yes. I know too many people who depend on SSI and SSDI haele Dec 2015 #73

Depends on how it's implemented Major Nikon Dec 2015 #78

Of course not, either we want gramma eating dog food or we dont. Make up your mind. randys1 Dec 2015 #80

I'm not much for dichotomous thinking Major Nikon Dec 2015 #84

What percentage of DU members make over $118,500? Ivan Kaputski Dec 2015 #79

I dont know, I also dont know what the actual numbers are on this, if you did scrap randys1 Dec 2015 #81

I made over the cap limit for about 5 years back in the mid-late 90s. Yes. Would vote to scrap it magical thyme Dec 2015 #87

I now live in Germany, but if I lived in the USA still, I would support it DFW Dec 2015 #89

Yes. phylny Dec 2015 #91