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It was time to raise the payroll tax cap 20 years ago…there’s already a Medicare surtax for high earners. It isn’t fair to means-test Social Security benefits if the tax applies to all earned income, though. One or the other.
And yes, this would be social democracy in action. There are so many non-pension Social Security beneficiaries (disability and youthful survivors) that it’s necessary. However, there may be some fraud and abuse in the disability system that needs to be dealt with as well.
Also, there’s already a means test in Social Security, via the Medicare penalty called “IRMAA”. Make too much, and your Medicare premium (as well as your Part D premium) go up by a lot (up to $7K per year per person). It’s deducted from your Social Security benefit.
Right now, this is just another Republican tax break for the top 10%. For a CEO that makes a million a year, pays Social Security taxes on his first paycheck of the year and that’s it. Now we just have to figure out to get the top 1% pay their fair share on non-wage income.
Stop electing Republicans?
I mean, we know trickle down economics didn’t work for anyone but the highest earners enough. The Republican response has been that we just didn’t cut taxes on the highest earners enough.
Dan M.
The S.S. tax needs to be raised across the board. And everyone should pay.
Half the population right now contribute nothing!
When S.S. was first established there were 16 workers to every retiree. And most retirees never lived long enough to collect or died very shortly after qualifying for their S.S. benefits.
*Now we are down to three workers to every retiree.*
Also, most people are living longer and are collecting more than what they have contributed.
We need to raise the tax across the board and possibly raise the age of retirement.
Dan M.
There are to many people in the cart and not enough helping to pull it.
Keith, the issue is that a fair chunk of Americans make so little that they’re unable to have any leftover to give. And the ones who wouldn’t even miss a tax increase have you believing that the issue is the working poor don’t “have enough skin the game”.
Fix the wage issue – people working full-time and still not being able to afford food, housing, or healthcare – and get back to me about “everyone should pay”.
Joe B.
Fix the wage issue??
We are a market driven economy.
You can’t just arbitrarily raise wages. That does nothing but raise inflation.
I am empathetic to the working poor. Very empathetic.
But I also don’t believe in demonizing success either.
Wages are primarily based on skill level as well as motivation.
Unfortunately there are many that will never raise their value in the job market. Some to no fault of their own.
By the same “logic”, Keith, we should stop cutting taxes because they do nothing but increase the deficit, which we are they told can only fix by cutting social spending, never by undoing the tax cuts.
Paying taxes isn’t penalizing success. It’s the cost of a stable society that enables your success to begin with.
Some day, you will realize the Republican Party is using you. It’s just not today.
Pay more and get less just because you make more? If they increase the cap they should also increase the benefit but that would not help solve the problem.
Maybe they should make sure that everyone who is getting payments are eligible. If there are people getting payments who should not lets make sure that is stopped at the same time. That would help solve some of the shortfall.
We already do make sure that everyone who gets payments is eligible.
Next, you’ll tell us the federal budget would be balanced if we just took care of fraud, waste, and abuse.
Reality is Republicans cut taxes far too much given their unwillingness to cut spending. Both of the Trump tax cuts should be eliminated.
Pay more and (still) get huge benefits from being an American high-wage earner.
There. Fixed it for you.
There probably is considerable fraud in the S.S. System.
Also, many people are drawing out of S.S. that are mentally or physically disabled. That’s not what S.S. was established for.
AR would you say with 100% certainty that everyone receiving payments are eligible? I doubt any branch of the government could make that guarantee.
Joe B I never suggested that we could balance the budget in that manner but any dollar that is taken from the taxpayers and is lost to waste or fraud is one dollar too many. I do not want to see anyone who is truly in need go without but any dollars lost to waste and fraud could either been saved and or spent on those truly in need.
Fraud and waste is insignificant compared to the issue of intentionally not collecting enough money to support the program.
Eric H.
+1
It has already been proven and established that there probably is a lot of waste and fraud in our government programs including Social Security.
For some reason the leftists refuse to root out fraud and waste. Minneapolis and California ring a bell to our Democrat friends.???
I guess it’s just easier for the Dems to blame the wealthy for everything. It requires NO thinking.
“proven and established that there probably is a lot of waste and fraud”.
Your sentence makes no sense.
“Minneapolis”
Keith, how often does the media you consume talk about the background of Rick Scott?
if you want to throw the book at people who rip off the government, just be consistent.
Joe B.
Anyone ripping off the government should should be gone after regardless of political affiliation, ideology, race, or religion.
Minneapolis is a perfect example. And…The Dems refuse to seek out the fraud because ideology and race.
The FBI of Joe Biden was behind the raids.
You are beyond dangerously uninformed.
Any discussion of waste or fraud is an immediate tell of a poorly-informed right-winger who like to forget that their Republican stooges gave us DOGE and found very little waste or fraud but did do massive and probably irreparable damage to our soft power across the globe. Arrests were made in Minneapolis, argue with a wall about that if you want to. The answer is in the title of the article. Raise the dang payroll tax yesterday.