Has there ever been a $ figure determined on savings for a cap on SS benefits?

[Frustratedlady]

I'm thinking a cap of people in the top levels of society. How can you determine that unless you figure the last 5-10 years' salary? You could have millionaires who inherited most of it, but only earn $75K/year.

I can't believe that millionaires need SS benefits and I don't think it was meant to go to them.

I swear I heard there are some who decline to receive SS benefits. Did I dream that?

[DURHAM D]

1. I have a friend who is 73 and has declined both SS & Medicare coverage.

I have another friend who was in a car accident at 25 and has brain damage and is in a wheel chair. He has nursing care around the clock. He is uninsured and has never applied for disability or any other assistance.

[Ozymanithrax]

2. Social Security is for everyone, so everyone puts something in...

The cap probably reflects the reality that millionaires will never have to worry about needing to buy the cheapest cat food to use in Meow souffle. They donate, so they get back. In theory, it is a trust fund and all who donate get money back.

The real questions is the unfairness inherent in a system where people under the cap must give the maximum amount, while the wealthy who make more than the cap do not give more. Remove the cap, let the wealthy get the maximum benefit they are allowed under the system just as the poor, middle class can do.

[Frustratedlady]

3. I don't even know what the present cap is. EOM

[Ozymanithrax]

6. $106,800.00 as per the link to Social Security Update 2011

http://ssa.gov/pubs/10003.html

[Frustratedlady]

8. Well, duh! Google is your friend...Google is your friend...Google...

Sorry! I was thinking out loud without the thought going thru my brain. I could have searched for my own answer.

That should be removed. If you go to $500K, you might as well go for a million. If you go for a million, you might as well remove it all the way to the top.

Remove the tax loopholes and don't extend the Bush tax cut for the rich and we're back in business.

[Ozymanithrax]

10. There should not be a cap.

Everybody will get back in proportion to what they put in.

[DrDan]

4. so even though the wealthy may have contributed the current max, you do

not feel they should receive benefits?

Don't think I can agree with that.

[Warren Stupidity]

5. Everyone pays in, everyone gets a pension. It is not welfare.

Yes it was 'meant to go to them' - we all row together, we all get to the other side.

[Bluenorthwest]

7. Define your terms, please.

You seem to be talking about a means testing with a cap in that regard, but you say 'a cap on SS benefits' which of course already have a top benefit amount, it does not just go up and up the more one makes, because there is also already a cap on the amount of your earnings subject to contribution to Social Security.
If you want to argue for means testing, you are not going to persuade me.

[Frustratedlady]

9. OK, everyone contributes, end tax breaks for the wealthy and close loopholes

for the wealthy and corporations.

Would you go along with that?