Quote:
Originally Posted by OrangeBlossomBaby
No that would be $100 MORE per month than they're already paying. Not $100/month total. That's why I said $100 more. More = in addition to. It sounds like you're really working hard to cherry-pick and eliminate details like - interest accrual, the fact that the current generation pays for the generation following it and is paid by the previous generation - that's how the system is set up to work, intentionally. And let's not forget that some people die before they can get back what they put in. And let's also not forget all those immigrants who are here legally on work visas - who pay into Social Security and are not ALLOWED to take any of it out.
My suggestion was to increase the cap - which is only $160,200. That means - if your paychecks came to $160,201, you pay $0 on that last dollar. If your paychecks came to $1,160,201, then you pay $0 in social security taxes on the million, you ONLY pay it on the $160,200. My suggestion was to increase that cap to $250,000.
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I understood quite well what you wrote in post #36. I cherry picked nothing, I used all the information you provided.
That was not your suggestion in post #36. Your suggestion then was to raise the cap to $400,000 while raising the payouts to $6,000 for those averaging $250,000 in salary.
If this new suggestion of raising the cap to $250,000 also comes with the increase in payouts then the math is even worse.
Out of curiosity, how did you calculate your $100 MORE per month number?