Social Security

Ask questions about Social Security 2100. Don’t be manipulated.

The following is a quote from the SS 2100 legislation summary. I don’t know about you, but I resent being manipulated.

Millionaires and billionaires? People who have wages above $400,000 a year are not the millionaire and billionaire scapegoats we hear about.

In fact, Warren Buffet’s wages are $100,000 a year.

This it pure pandering. The real money is coming from the gradual increase in the payroll tax rate to 7.4%

Have millionaires and billionaires pay the same rate as everyone else – Presently, payroll taxes are not collected on wages over $132,900. This legislation would apply the payroll tax to wages above $400,000. This provision would only affect the top 0.4% of wage earners. [Sec. 201, 202]”

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3 replies »

  1. Does it occur to anyone who follows this site that millionaires make their millions on the toil of those making a hell of a lot less than $132,900? That those millionaires are not forced to pay a living wage? That the national minimum wage is a joke?
    I survive pretty well on a small Social Security payment and a little work. Not because I really have to work at my age, but because I’ve been self employed for many years and enjoy it. I am surviving also because I never bought into the consumer/buy-on-credit society. My priority was to buy a house and pay it off as soon as possible. The smart working persons retirement plan. This thinking won’t play well for most of your followers, but frankly my dear…

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  2. .

    The main reason I support Larson’s bill “Social Security 2100” is because it cuts the unfair income tax on Social Security income that now even seniors with modest incomes have to pay. Why didn’t Republicans do that in their own tax reform bill?? I didn’t hear of one Republican leader advocate the income tax on SS [that is based on incomes never indexed for inflation] should be corrected. In fact, if the GOP House version of the bill had passed, they would have eliminated the existing extra senior tax deduction and seniors would be paying even more income taxes. Thank God, at least the GOP Senate restored the extra senior deduction.

    Meanwhile, Bernie Sanders has muddied the water by introducing his own version of SS reform. What I’ve read about his version… it does NOT cut income taxes on SS income.

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  3. What they forget to tell you is that the millionaire benefits is capped at the same max benefit as the person only making $132,900. If they raise the wage cap, at some point the millionaires will be paying more than they could ever get back in Social Security benefits. At that point it would be totally an income tax. I wonder what the lawyers can do with that?

    This would also encourage high income earners to get compensation in forms others than cash wages.

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