Possible fixes for the Social Security Program

as I said, the rich pay less tax per dollar they earn then the middle class

 

if raising the cap, saves social security, all for it, most Americans are

 

You don't want to just raise the cap. You want to eliminate the cap. And then make this money behave differently than all other S.S. taxes. (Under the current system, the amount of future payouts are proportional to what the taxpayer paid in)

Can you just be fully transparent and honest about this?

Using basic logic, under the sort of scheme you propose, there would be absolutely no reason just to raise the cap but not eliminate it.

 

Even if that were true, that sounds like an argument for changing the income tax policy, not messing with the structure of S.S. taxes.

Unless your mentality is simply trying to go after "the rich" through any means possible, whatever type of tax is at your disposal. Which does seem to be the mentality of the majority on the Left.
(Wouldn't it be better to have a tax policy that is well-structured and logical across the board, looking at the bigger picture, rather than trying to use each and every different type of tax to "hit the rich" as much as possible?)

 

yep, it is, I support a flat tax

Raising the cap is the solution to save Social Security

 

nope, I am fine with just raising the cap

 

It does not.

It also increases the formula for determining benefits, so the rich will get bigger and bigger social security checks with that extra tax money. It doesn't benefit the program at all long term.

 

Not true! The problem you've already referred to is that with the Trust Fund drying up in 2033 or 2024 the continuing obligations may not be met. IOW the benefits owed to people who have paid for them would not be available. However, if the cap on taxable earnings were lifted or removed, the Trust Fund would continue to receive income and the benefits owed could then all be paid.

With the inflation we've had and will have there is another issue to be addressed and that is that SS benefits are inadequate for retiring low-income earners. To solve this congress would need to approve an increase in SS benefits.

 

Not true! While benefits are primarily based on a worker's lifetime earnings, which are subject to the payroll tax, the specific formula used to calculate benefits does not directly account for income above the taxable earnings cap. Therefore, lifting the cap would not directly increase benefits for higher-income individuals. However, because Social Security benefits are designed to replace a higher percentage of pre-retirement earnings for lower-income individuals than for higher-income individuals, any increase in revenue from lifting the cap could potentially be used to strengthen benefits for lower-income retirees or enhance cost-of-living adjustments for all beneficiaries.

 

it would if we did it, and had we done it 10 years ago, it would need to be less drastic

Republicans just want to kill social security

adding a 2% bend point minimizes that

 

This is false.

The earnings cap is indexed for inflation and goes up every year, as does the maximum benefits. Raise the earnings cap, and benefits for those on the top end (the rich) receive more in benefits. So all that does is put more cash in the system temporarily while increasing benefits for the rich, which will cost the program much more in the long run. That's why we have an earnings cap in Social Security but we don't have one for the Medicare part of FICA.

But I guess you are just a typical Republican who doesn't want to pay more taxes that would help the working class, you would rather pass the taxes on to someone else and help your rich buddies.

 

I would love to engage you on this plan but I asked you for details and you didn't have any so again, I don't understand how your plan would work.

 

Me a "Republican"????? LOL!!!! I'm a socialist. But I have .....
https://www.ssa.gov/policy/docs/ssb/v75n1/v75n1p1.html
and....
https://crsreports.congress.gov/product/pdf/IF/IF10564

What do you have?

 

Then you do realize that if you go messing with S.S. and try to fundamentally transform it into a system it wasn't originally meant to be, you will be bringing the battle to this territory and politicizing S.S. in a way that it has not been in 88 years (since the start of the program). And when you bring in a battle to an area (even a political battle) there is a risk of extensive damage and destruction.

 

I gave you the details, not sure what else your looking for

raise the cap, add a 2% bend point

that is it, pretty simple

 

S.S. is under constant attack from Republicans and other politicians. It should be improved to end elder poverty.

 

There is no inescapable need for increasing benefits above any legislated maximum threshold. SS could be modified as desired. The cap on taxable earnings could be removed and the maximum benefit could be set at $4,000/month with means testing to reduce it as appropriate. No matter what may be done to solve elder poverty it will require changes to the system.

 

Oh I know you are a commie in good standing. So believe me I didn't expect a workable plan from you.

 

What you mean is, you could radically restructure the plan. Well I'm sure there is a bipartisan consensus for that. I'm offering a simple way to make sure seniors get their checks. Your plan won't be viable until after the revolution.

 

I'm not a commie.

I know you're a right winger so I didn't expect you to be forthcoming and knowledgeable. Have you given up Trump yet? Most righties have.

 

"Getting their checks" is neither adequate nor a solution, but I expected no better. The right is in full collapse. The Republican Party is imploding. All the right has left is distortions, hate, misrepresentations, and disaster. How much longer do you expect your party to exist?

 

Always back to Trump! Lol!

 

I dunno. I'm just trying to save Social Security and you seem intent on making sure it doesn't get saved.