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Best Feature of the Bush Social Security Plan

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Orsino Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 10:13 AM
Original message
Poll question: Best Feature of the Bush Social Security Plan
Edited on Sat Jan-08-05 10:18 AM by Orsino
Figured we'd better start the debate here...

Sorry, polls are turned off at Level 3.

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IStriker Donating Member (408 posts) Send PM | Profile | Ignore Sat Jan-08-05 10:22 AM
Response to Original message
1. The fact that for young people you won't be paying 87% in taxes...
to support people older than you are who will retire first. Check the SS figures or the last page of that mammoth feet high pile of pages called "The Budget" each year to see what the projected SS tax withholding amount is for a child born in the present year. Last time I sneaked a peak was when my grandchildren were born (in the early '90's) and it was something like 87% then.
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papau Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 01:38 PM
Response to Original message
2. Solutiuon: No wage cap is equiv to 14.82 tax instead of 12.4 tax for OASDI
No wage cap is equiv to 14.82 tax instead of 12.4 tax for OASDI

No wage cap is equiv to 14.82 tax instead of 12.4 tax for OASDI

http://www.ssa.gov/OACT/TR/TR04/II_cyoper.html#wp89438

From the detailed SSA reports we find that OASDI's wage capped (at $90,000 in 2005) 12.4% (6.2 to employee and 6.2% to employer) produced about $543B in 2001.

And HI's no wage cap 2.9% produced about $151B for 2001.

Therefore removing the wage cap would have increased the tax take for OASDI by 20%.

The Trustee's report says that the tax shortfall over 75 years averages 1.92% (this is actually much too high as it is inflated by not reflecting the excess assets and their interest that would occur should the tax increase be passed now when Soc Security is over funded that Bush uses the Soc Sec surplus monies to finance his tax cuts for the rich). In any case a 20% increase on the 12.4% amounts to 2.48% additional to the tax rate (greater than 1.92%) - meaning the overall tax rate would have to come down because we would be so over funded.
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mark414 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 01:44 PM
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3. does the box of crayons have the sharpener in back?
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