The RICH are costing Social Security $150 Billion a year.

It sounds reasonable but it can get to the point where a rich person is paying more for social security than he or she will ever be able enjoy in benefits. It would be taxing the rich. Income redistribution. You may favor those things but many people consider it unfair.

 

They can only collect to the max each year in retirement and right now the max is $2,861 per month.

 

Right on cue.

Wait.. you want to tax every dollar of an income, but leave the benefit cap?
What a good little socialist you are.

 

WTF are you talking about? Conservatives draw SS just like progressives.

What does SS have to do with being poor?

 

I love the ignorant. SS is the biggest rip off ever invented. First of all, a person can pay into it for 50 years, die and never collect a dime. That money just disappears. Second, considering the amount you put into it, your return is crap. If you put that same money in a 401K, your return would be several times what SS pays and you would leave your heirs a nice chunk of money. Third, this system has been robbed and grafted to an extent that it is no longer solvent. I expect they will continue to push the retirement age back. People being born now will probably be well into their 70s before they can draw SS.

If you want something to turn your stomach, start researching SS. They are paying SS to over 2 million people over the age of 100. They are aware that most of these are not legitimate but they are not competent enough to weed them out. They are actually paying benefits to people who served in the military during the Civil War. And the ignorant think the problem is the rich not paying enough.

 

Wage earners pay more than Amazon.

This constant nonsense about being lazy is tiring.

 

As long as the federal government gets your money, Democrats don't care.

 

Amazon pays SS for over 600,000 employees. Your dribble shows nothing but pure ignorance.

 

we need to raise the cap on the income tax for social security, 90% of us pay the tax for every dollar we earn, no reason the rich should not do the same

 

How are the rich costing SS? I don't quite understand the headline. You could say that the law, as written, has a cap on a level of income...but that's the law. The fact is people making that much, aren't going to be that depended on SS, so shouldn't be paying that much more. SS is making plenty of money, the problem however is it's set up lke a ponzi scheme so it's going to fail. The other major problem with SS, is the requirements to get SS disability....it needs major reform.

 

The point is the wealthy are paying a miniscule percentage of their total income into S.S. while those below the cutoff are paying the full either 12.4% if self employed or the 6.2% paid by those who are matched by an employers contribution.A billionaire would be paying 1/10th of a percent.

 

So?
The benefits the wealthy receive are even more minuscule.

 

The rich receive social security benefits only up to the amount calculated against the maximum wages taxed. I think a case could be made for reduction of benefits for the super rich. But what you are proposing has nothing to do with fairness. It is simply that you found a group of people who have more money, so let's tax their asses and gimme some of it..

 

What are you talking about? They are paying the same percentage...12.4 percent. on the first $130K

 

They pay more than 90% of the country does

 

Can you provide the link to those plans? There have been proposals by Republicans to reform all those programs, because the status quo isn't working, and is the largest drivers of national debt. Some Republicans have suggested to model SS after Sweden

 

REmeber that has to be matched by their employers and it puts small and medium size companies a a huge disadvantage. By the way after they retire the Rich will still be paying more in taxes than what they draw from SS, assumng they don't simply move to some tax haven and tell you to eff off.

 

How much do government employees, federal, state and local pay in Social Security ?

 

So you want to uncap the benefit?

 

The OP wants people to pay the 12.4% tax for the entirety of their w-2 wages, but only wants to give them benefits for the first $132,900.

Go suck an egg.

 

LOL.

Amazon almost doubled it's profit from $5.6B in 2017 to more than $11B.

And, they will pay zero income tax.

The gap between the haves and the have nots is stupendous and growing.

Yet the quibbling about how tough it would be to fund SS and/or Medicare!

Let along, the advancing Trump national debt.

 

Uh, Social Security and Federal Income Taxes are not the same thing.

If Amazon is not paying any Federal Income Taxes it is because they have legal deductions that cover their obligations. The government encourages expansion by allowing this. This is how new jobs are created. Mystery solved.

 

When Workers create wealth, let them pay taxes. 47 percent escape the income tax directed to actually support Government.

 

Yes, we engineered our tax system such that Amazon pays $0 on double digit billions in profit, yet a wage earner gets paycheck deductions.

Guess who wanted THAT to happen.

SS is only one part of our solution for those in need, including retirees who have worked their whole lives. The fact that it happens to be somewhat separate is not the whole story.

 

News Flash, the tax system is engineered so 50% of the people pay no Federal Income Taxes. I wouldn't be surprised if you are not one of them.