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Wed Jan 2, 2013, 01:29 PM

Raise Social Security Wage Base to $400,000

Yesterday, the 2013 Social Security Wage Base has increased to $113,700, an increase of $3,600 from the 2012 wage base of $110,100 AND the FICA percentage went back up by 2%.

Since $400,000 is OBVIOUSLY the new middle class, shouldn't the "wage base" go up to $400,000?

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Arrow 22 replies Author Time Post
Reply Raise Social Security Wage Base to $400,000 (Original post)
Pryderi Jan 2013 OP
Duer 157099 Jan 2013 #1
hollysmom Jan 2013 #2
Ganja Ninja Jan 2013 #3
indepat Jan 2013 #9
beardedcollie Jan 2013 #4
Nye Bevan Jan 2013 #5
Mojorabbit Jan 2013 #6
dkf Jan 2013 #18
Mojorabbit Jan 2013 #22
DollarBillHines Jan 2013 #7
alcibiades_mystery Jan 2013 #8
ProSense Jan 2013 #12
No Compromise Jan 2013 #10
DebbieCDC Jan 2013 #11
dkf Jan 2013 #19
ProSense Jan 2013 #13
Pryderi Jan 2013 #14
Demo_Chris Jan 2013 #15
DCKit Jan 2013 #16
SoCalDem Jan 2013 #17
dkf Jan 2013 #20
Recursion Jan 2013 #21

Response to Pryderi (Original post)

Wed Jan 2, 2013, 01:34 PM

1. Yes

But they'll never do it. Double standards. Same ole same ole.

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Response to Pryderi (Original post)

Wed Jan 2, 2013, 01:45 PM

2. I will agree, even though my working career I always topped the max amount

That was not all that hard a few years ago, when I started it was like 2K something a year, heh. Even so, It took a lot of overtime to top that amount.

Hey, if this is howthey want to define it, I say go for it.

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Response to Pryderi (Original post)

Wed Jan 2, 2013, 01:45 PM

3. Why not just have everybody pay in regardless of their income?

If anything a cap is bassackwards thinking. The rich should be subsidizing the SS taxes of the poor. There should be a floor where if you make less than a certain amount your social security account is credited for the first $10,000 of your income and nothing comes out of your pocket. As it stands now the poor are paying for tax cuts for the rich.

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Response to Ganja Ninja (Reply #3)

Wed Jan 2, 2013, 02:16 PM

9. The poor paying for tax cuts for the rich is how the system is rigged. The President wanted $1.6

trillion in increased tax revenues, but got only $600 billion. Senators Alexander (R-TN) and Corker (R-TN) insist on a trillion dollars cut in social security, Medicare, and Medicaid as a condition to authorizing a $1 trillion increase in the Federal debt limit.

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Response to Pryderi (Original post)

Wed Jan 2, 2013, 01:57 PM

4. Absolutely

Why is the wage base for SS not part of the discussion to fix things? I think the last time it was raised was in the 80s. IS that right?

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Response to Pryderi (Original post)

Wed Jan 2, 2013, 02:01 PM

5. You could do that. By law, the maximum SS benefit will rise dramatically,

as benefits are tied to contributions.

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Response to Pryderi (Original post)

Wed Jan 2, 2013, 02:08 PM

6. Same with the medicare tax. nt

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Response to Mojorabbit (Reply #6)

Thu Jan 3, 2013, 07:50 AM

18. The Medicare tax has no wage limit.

 

And the rate was raised for incomes above $200k/$250k in the ACA.

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Response to dkf (Reply #18)

Thu Jan 3, 2013, 01:19 PM

22. Thanks! nt

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Response to Pryderi (Original post)

Wed Jan 2, 2013, 02:10 PM

7. I know a lot of folks at that income level.

I don't think any of them pays any SS. None of us receives actual paychecks. I have never paid a cent to SS. I am 60 years old and I have never worked for a paycheck. I will take my chances on my own.

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Response to Pryderi (Original post)

Wed Jan 2, 2013, 02:11 PM

8. Raise the cap, and then insist on a 37.5% income tax rate on $250,000-$450,000

We have additional revenue demands to make any cutting 1 to 1.



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Response to alcibiades_mystery (Reply #8)

Wed Jan 2, 2013, 03:05 PM

12. Love it! n/t

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Response to Pryderi (Original post)

Wed Jan 2, 2013, 02:46 PM

10. yes, I am sure they will get right on raising minimum wage too, since 400k is the new middle class

 

minimum wage needs to go up to at least $30 bucks per hour...


(I agree with you by the way)

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Response to Pryderi (Original post)

Wed Jan 2, 2013, 03:03 PM

11. And since the payroll tax holiday was allowed to expire under this "fiscal cliff deal"

Millions and millions of people just like me who are WAAAAY below the new $400 K middle class cutoff will now see our take-home pays reduced by $50-100 per paycheck starting this month. I have to work two jobs as it is to make up for all the ground I've lost in the 4 years my company has given NO raises.

Yeah great deal for the used-to-be middle class

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Response to DebbieCDC (Reply #11)

Thu Jan 3, 2013, 07:54 AM

19. Your payments are determined by your contributions.

 

Cut the contributions and you will receive less when you retire.

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Response to Pryderi (Original post)

Wed Jan 2, 2013, 03:13 PM

13. Raise it to $500,000

This chart shows why that's necessary: http://www.democraticunderground.com/10022118509

Look at the line for income from $200,000 to $500,000.

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Response to ProSense (Reply #13)

Wed Jan 2, 2013, 04:26 PM

14. Nice chart. I agree. Since the $400K number is in the public eye, it may be an easier "sell" n/t

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Response to Pryderi (Original post)

Wed Jan 2, 2013, 05:24 PM

15. That would require pushing a democratic agenda

 

Our thing is to take whatever it is the GOP wants and then fight for slightly less. We want low taxes for the wealthy, just not as low as the GOP wants. We wants cuts to safety net and entitlement programs, but not as large as the GOP desires. We want eternal war, but one at a time is enough for us. And so it goes.

The forums yesterday had plenty of posts talking about how a quarter or half million a year isn't all that much money. Why, that's barely scraping by. That's the nouveau left, and until you walk a mile in their thousand dollar Gucci shoes, don't judge their struggle. Poverty is declasse.

Hell, the white house doesn't even talk about the poor anymore. They no longer exist. Poor people -- the one in four kids in poverty, the one in five children who will go to bed tonight without food, the Walmart worker making $7 an hour before taxes -- they aren't poor. They are, in the White House's words: "Struggling to become middle class."

I don't think it has to be this way, but until we say no more this is how it's going to be. The White House thinks the Walmart worker can afford a tax hike, and the investment banker pulling down $399,000 a year cannot.

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Response to Pryderi (Original post)

Thu Jan 3, 2013, 12:57 AM

16. That is an inspired proposal. nt

 

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Response to Pryderi (Original post)

Thu Jan 3, 2013, 07:44 AM

17. Remove the upper limit entirely

and extend it to ALL "income" not just income paid on a paycheck

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Response to SoCalDem (Reply #17)

Thu Jan 3, 2013, 07:57 AM

20. That would create some pretty generous social security checks at retirement.

 

I wonder how the public would feel if they saw $1,000,000 social security incomes.

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Response to SoCalDem (Reply #17)

Thu Jan 3, 2013, 07:59 AM

21. That hits a point of diminishing returns, what with the payouts

That said, the point is somewhere, and we pay enough actuaries that we could find it pretty quickly, and there's no reason not to push it up to that point.

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