You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Reply #80: Raising the FICA Cap is not means testing. An explanation: [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » General Discussion Donate to DU
jtown1123 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-21-10 12:17 PM
Response to Reply #76
80. Raising the FICA Cap is not means testing. An explanation:
As it is now, people only pay Social Security taxes up to $106,800 of their income. So, someone making $30,000 pays the FICA tax on 100% of their income, whereas a millionaire, only pays FICA on about 9 percent of income. Means testing means you have a certain income, say $250,000, and you start getting less. It has nothing to do with what figure you actually contribute.

Social Security is different. They payout is based on what you contributed, a formula. I.e. you don't get less of a benefit just because you make more.

Raising the CAP providies more revenue for the system to pay out current benefits.
Printer Friendly | Permalink |  | Top
 

Home » Discuss » General Discussion Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC