Bernie: Today is the day millionaires stop paying into Social Security for the year.

[Donkees]

Today is the day millionaires stop paying into Social Security for the year. Meanwhile, working Americans pay into it all year. Enough!

It is time to #ScrapTheCap so the ultra-rich contribute at the same rate as everyone else and we can expand—not cut—Social Security benefits.

Link to tweet

[riversedge]

1. Soc. Sec has kept millions out of poverty. Past time to shore up the program.

[dhill926]

2. absolutely scrap the fucking cap....

or raise it a LOT....

[SoonerPride]

3. Elimination of the cap instantly makes it solvent

End of argument

[SMC22307]

4. Absolutely agree with Sanders on this! (n/t)

[msongs]

5. so has bernie introduced a bill doing this yet? nt

[roamer65]

6. Long past due.

[Hoyt]

7. Removing cap will help, but it's not going to happen without benefits increasing.

That will keep removing the cap from solving the entire SS problems. Check out Trustee’s Report on alternatives. We keep kicking this can down the road without solving the looming deficit.

[RainCaster]

8. Kill the cap is a start

Then we can work on the rest.

[ad121rome]

9. Agree

There should be no cap on earnings subject to Social Security. Open this up and you could pay for both SS and Medicare with added packages.

[USALiberal]

13. Then we should increase their SS payments when 66! nt

[yellowdogintexas]

16. The Medicare portion of the payroll tax is not subject to the cap nt

[Mr.Bill]

10. One of the easiest and most obvious remedies

to a problem there ever was.

[USALiberal]

11. If they keep paying in, then the benefits need to be larger also! Do you want means testing?? nt

[rgbecker]

20. Why do the benefits need to be larger?

The income tax on benefits already cuts benefits for the wealthy (High income earners), why are you suggesting anyone wants "Means testing"? Do you want that?

[FakeNoose]

12. There's only one problem with Bernie's scenario

The more $ we make the one-per-centers contribute to the Social Security fund, the faster they're going to kill it for all of us. As long as the ultra-wealthy get off cheap they'll let the fund continue.

Once it starts costing THEM it's a different story. Make them pay and they'll put it on the front burner to kill it for all of us.

[knightmaar]

15. Naw, boss. You're surrendering before the battle is joined.

That's like saying,
"Don't raise taxes on millionaires because they'll just
a) leave the country
b) find loopholes"

Don't give up before the fight has started.
Make them pay the taxes, pay the SS fees.
And then fight them when they scurry.

[FakeNoose]

18. OK - I like your spirit

[zipplewrath]

14. Salary

Millionaires who don't get a salary don't pay squat. People on fat retirements don't pay squat. Raising the cap will help alot, but many very wealthy people won't be affected at all. This brings us back to several ideas among many senators of a "wealth tax".

[George II]

17. Does he earn over the cap?

[Mariana]

19. Does your support or opposition depend upon the answer to that question? nt.

[rgbecker]

21. Cap for 2021 is $142,800.

Senator's pay is $174,000. So the Answer is YES!!!!! But you knew that.

[pansypoo53219]

22. greenspan's last fuckup.

[Bucky]

23. As much as I love social security AND taxing rich people

I think we need to get back to what Social Security was supposed to be, a supplemental minimal pension fund for Americans who failed to plan for their retirement years.

The uber wealthy don't need to add their taxable income to the retirement of middle class and working class seniors. America is right now balls deep in debt that will hamstring future generations.

As an economics teacher I'm disappointed in Bernie here. These two issues should not be conflated. The people should be accountable for their own retirements. That's what Social Security is about. You don't want to either (1) take SocSec payroll taxes from the super wealthy that they won't collect on later or (2) set up the super wealthy to draw super high amounts of entitlement payments out of the Social Security fund.

If you want to tax the rich more, by God, tax the rich! It's a crime that they proportionally pay less taxes than middle class families while benefiting more from Federal largesse. But the best thing we can do for all American future retirees is ease the burden of a debt-laden America that we are already imposing on them with the massive deficits that we're running up right now