Quote:
Originally Posted by OrangeBlossomBaby
We need to raise the max cap on deductions. Right now, anyone who works a legitimate job and gets a paycheck, only has to pay social security tax on the first $160k (or thereabouts). They don't have to pay SS tax for anything over that. So if they earn $400,000 per year, they're only paying the tax on the first $160k. Most millionaires don't get paychecks that equal a million bucks a year, most of them get their money through investments. But I'd still raise the cap to $500 or $750k. And increase the maximum payout from $3000-something to $5000 per month. That way the wealthier folks paying in, will know they're also getting the most back.
The system was created back when people were only earning $5-20 per WEEK for a full time job. Things have changed since then. The system needs to be renovated. Eliminating it won't solve the problem. Telling poor people tough luck won't solve the problem. And blaming it on one politician or another won't solve the problem.
Social Security is important in this county. It's a national program to ensure that old folks who retire will have something to show for their efforts, to the extent that they can live a modest life and pay modest bills in a reasonable place of living in their old age. If you were too poor to save, when you were younger, then SS saves on your behalf. When you're old enough, the money is therefor you.
Paid for by the younger generation. Just like my 50 years of working for living paid for my uncle's social security checks when he turned 65, and the younger generation is contributing to my monthly SS check. That's how it was set up. and if we use it as it as inendedk t should work finel
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The premise of SS was a good intention. If you removed the income cap, it would help but there still would be a huge shortfall.
One must realize the millions in this country now who add nothing to the SS pot and will require these benefits at age 65. We’re talking SS and Medicare benefits for everyone and I think we will look like a third world country with the huge shortfall. And nothing changes.