Why is this OK?

[funjumper101 15]

There is an income cap on Social Security and Medicare taxes. You pay these taxes up to 108,000.00 in income. Income above this amount is NOT subject to these taxes, which amount to about 15% of income when at the income cap. Don't forget that your employer pays a matching amount that you might otherwise have received as income, if it wasn't taken out for this tax. 30% of earnings gone, up to 108,000.00.

This means that the vast majority of US taxpayers pay this tax on 100% of their income. Those with higher incomes pay less, as they earn more. So do the organizations that employ them.

Is this fair tax policy? I think not. I think that it is greatly to the advantage of the wealthy and high income. They don't have to pay the same percentage as the rest of us.

Why is this OK?

The Rs have a lot to say about how Social Security and Medicare are in serious financial trouble. They have no useful answers on how to correct the issue. Removing the income cap on these taxes is a perfect way to level the playing field when it comes to taxation while generating funding needed to solve the financial "crisis".

[rushmc 23]

They have an answer to fix it you dont like. Not the same as you post.

And the high income earners pay more tax already. Same answer you alway have, add to it

"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln

[Belgian_Draft 0]

Why should we have a flat rate for SS when we don't for income taxes?

HAMMER:
Originally employed as a weapon of war, the hammer nowadays is used as a
kind of divining rod to locate the most expensive parts adjacent the
object we are trying to hit.

[Ron 10]

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They don't have to pay the same percentage as the rest of us.

Incorrect, the pay the EXACT same percentage as the rest of us do till they reach the cap. And they get the EXACT same benefits.

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The Rs have a lot to say about how Social Security and Medicare are in serious financial trouble. They have no useful answers on how to correct the issue.

You only think that since you don't listen to them. There have been several suggestions given (cutting costs, reducing fraud, privatization), you just don't like them since they don't involve taxing the rich more.

"No free man shall ever be debarred the use of arms." -- Thomas Jefferson, Thomas Jefferson Papers, 334

[kbordson 8]

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Why should we have a flat rate for SS when we don't for income taxes?

Because I think that there is a cap on what you can collect. So they can't "tax" you to collect for money that you would never recover.

[quade 4]

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Why should we have a flat rate for SS when we don't for income taxes?

Because I think that there is a cap on what you can collect. So they can't "tax" you to collect for money that you would never recover.

You do realize that SS isn't not a bank, but a runs more like a form of insurance; yes?

quade -
The World's Most Boring Skydiver

[kbordson 8]

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Why should we have a flat rate for SS when we don't for income taxes?

Because I think that there is a cap on what you can collect. So they can't "tax" you to collect for money that you would never recover.

You do realize that SS isn't not a bank, but a runs more like a form of insurance; yes?

I do... but if there's a cap on what you can collect, then there's a cap on what you pay in - bank or insurance doesn't matter

[kelpdiver 2]

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There is an income cap on Social Security and Medicare taxes.

You're already wrong, bud. No cap on Medicare taxes.

The SS benefits are based on contributions made - so while the SS tax tops out at a bit over $6000/year (plus the employer contribution), so does the eventual benefit.

And BTW, the return on that 13k is fucking ridiculous. Given how little assurance there is that I'll even get that, don't expect any support from me to pay even more into this black hole. The SS 'surplus' of the past 2 decades has been used to fund wars, tax cuts, and excess spending. We would have been much better off without it.

[quade 4]

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And BTW, the return on that 13k is fucking ridiculous. Given how little assurance there is that I'll even get that, don't expect any support from me to pay even more into this black hole. The SS 'surplus' of the past 2 decades has been used to fund wars, tax cuts, and excess spending. We would have been much better off without it.

Only because people couldn't wrap their heads around (and I know this is going to be painful for some) Al Gore and the "lockbox."

Had people listened (regardless of who said it, but for some that is impossible) and actually done that, SS would be in a much better place today than it is.

quade -
The World's Most Boring Skydiver

[Belgian_Draft 0]

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Why should we have a flat rate for SS when we don't for income taxes?

Because I think that there is a cap on what you can collect. So they can't "tax" you to collect for money that you would never recover.

You do realize that SS isn't not a bank, but a runs more like a form of insurance; yes?

I do... but if there's a cap on what you can collect, then there's a cap on what you pay in - bank or insurance doesn't matter

Ever try to withdraw more money from a bank than you gave them? You're lucky if they don't take your first born as a penalty fee.
Virtually all insurance policies have a cap on claims. Sometimes it is very high yet still can be very limiting, i.e. my friends daughter has CF. Before she was 15 they had maxed out at $1,000,000 in bills and meds.

HAMMER:
Originally employed as a weapon of war, the hammer nowadays is used as a
kind of divining rod to locate the most expensive parts adjacent the
object we are trying to hit.