An easy fix for social security

[BayCityProgressive]

TAX ALL INCOME WITH NO CEILING FOR SOCIAL SECURITY. Why are we not taxing millionares 100% for pay roll taxes? All of us are paying 100% shouldn't they do it too?

[losingit]

1. I am a newbie but that is just stupid.

LOL I hope you are kidding

[zmdem]

2. I'd modify that a bit

Definitely raise the cap, but also means test. When Bill Gates retires, does he really need the SS check ? Make SS a real insurance policy, you collect it if a bad thing happened, like you don't have enough money to retire on. Think of car insurance, you only collect on it if you get in a wreck.

[Festivito]

3. because there is a maximum benefit that would be paid.

Despite this, it is unfair that the poor pay more for the keep of the disabled than the rich pay.

[ramadoss]

4. that's pretty dumb

That's impossible to do and nobody in their right mind would even seriously suggest such a thing. Nobody pays 100%. Nobody pays anything close to that.

[Lindacooks]

7. If you make less then $88,000 a year you pay Social Security

tax, or FICA, on 100% of it.

If you make $176,000, you pay FICA on 50% of it, even though you can certainly afford to pay more. So people making $30,000 as freelancers will pay about $4500 in FICA; do you think that almost $400 a month is fair for an income that low?

That is the point.

[librechik]

5. how about raising the minimum wage to $7.50

and then pegging it to inflation? FICA wouold be clear sailing from then on

[Cleita]

6. They won't do it but it sure would fix a lot of things.

eom