No we should remove the limit on ss contributions. If we did that it would be solvent. The limit on ss contributions only exists for the wealthy
Trump 2024
- Thread starter TigerGrowls
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Oh boy. You want everyone to pay their “fair share,” right?
You do understand that there is a cap on the benefit as well as the contribution, right?
So your suggestion is for families like mine to pay 10s of thousands of dollars more per year and receive no additional benefit for that. In other words, a massively outsized contribution relative to others.
Said differently, a completely unfair amount of SS tax.
I’m all for people paying their fair share. What you’re proposing is not that.
And your definition of wealthy and mine must be different. We’re not wealthy but my wife and I both make more than the SS cap and have since our 20s. So it applies to hardworking families of 4 like mine in addition the the “wealthy.”
Yes it makes no sense to cap ss where it is and yes I am saying you should pay more if you make more. I hit the cap last year as well so obviouslyi too will be paying more. If we are talking about the solvency of SS we don't need more cuts as boomers age, we need more funding.
The cap goes up every year. It’s up to like $150k now. This is a safety net program. Once you have contributed up to the cap, you have fulfilled your obligation to the safety net and are likely in a position to not be a burden on society.
People who exceed this earning level also begin hitting the higher tax brackets. You can be at the limit and still find yourself in the reasonable 24% marginal rate. Some of us are paying the 32%, then 35%, then 37% marginal rates. So I’m supposed to pay a 37% tax rate, and pay an extra 12.4% in SS on those earning plus the Medicare pieces? You’re proposing a 50%+ federal tax rate for normal households (not the billionaires Joe talks about)?? Throw in state and local taxes and you may only bring home <40% of what you earn. That’s insane.
The idea of taxing my hardworking family 10s of thousands extra per year for this is absurd. So is taxing normal families more than 50% on any dollar they earn. Just ridiculous.
edit: i think i'm confusing myself now. i think the dataset i referenced is outdated
I have some questions. Why do you feel it's OK for the government to tax more earnings when previously it is well documented how the booming surpluses in SS were used for other government spending? They stole the money and now we need to pay more to replace it? Why shouldn't the program just go under and why shouldn't we say to everyone exactly what happened and who is to blame? At some point, don't we need to hold the morons who keep robbing us blind accountable?
I understand you don't want to see people hurt and that is admirable for sure. But at what point are we going to stop with the tax the rich thing and stop saying we need to keep covering up for the theft of our money by the government? We are spending ourselves into oblivion very, very quickly.
Yah I'm good with accountability. Social security is a vastly popular program. It deserves the 2% of extra funds to ensure the 98% are well spent.
Member when Dubya wanted to privatize SS with the plan to just put it all in the stock market? Riiiight after the financial crisis happened. That would have been the worst thing ever.
Some services cost money but are worth it. Your concern is valid. Oversight is the solution. ACCOUNTABILITY. Just saying the government doesn't work is so tired
Why? You already make enough money. Do you think your anecdotal decisions to donate to a shoe relief fund to a South American country devastated by Ronald Regan foreign policy is going to make as much difference as participating in common sense accounting when it comes to how well your country takes care of its needy and elderly?
They used to tax people 90% and corporations way more. Only since the trickle down lie have the lines and expectations been redrawn. Ametican history didn't begin in 1980
Wow. You make enough so you should just give it to the government. That’s far left even for the dems on here.
I have no clue what the nonsense about shoe relief is.
I already contribute to the needy and elderly government programs. Far more than you do both in terms of actual dollars and the percentage of my income. Remember my tax bracket lesson above? But you are suggesting that I’m the one not pulling my weight and who needs to pay more? Lol.
Yea, we briefly had a 90% tax. We also had a 0% income tax for much of our history.
But if you honestly believe people should be paying 50%+ tax rates and a return to 90% rates on those rich assholes would be a welcome thing, we’re just so far apart that there’s no point continuing this.
Keep dreaming of how to spend other people’s money. I’ll be the one actually contributing more than my fair share.
Your anecdotal contributions do far less impact than a systemic program like SS . So your non plan to cut it and lament paying for it is not helpful and hurts society. Also, I feel like the nuance of tax brackets is being washed over here.
If you get taxed at 90% on your 30 millionth dollar I'm not going to weep for you. Besides we all know you'd get paid in stocks at that point anyway to avoid taxes.
LOL, what a madman. Starts off his rally with Jan.6th The Musical and then brings in the heavy hitters - the Pillow Guy, Matt Gaetz, Mad Marge and Ted Nugent SMFH. You should be ashamed. Even the crowds in Israel think he needs to be locked up.
It's becoming more and more clear that you just have no clue what you're talking about.
I'm not sure what your first line even means. Anecdotal contributions? And are you suggesting the 37% in federal income taxes does "less impact" than a 6.2% SS contribution? If that's the case, let's lower that 37% then please...
Oh I understand the nuance of tax brackets. I participate in all of them. It's quite clear that you do not understand.
The highest tax bracket kicks in at $578K/$693K this year. A very nice income, but a farrrrrrrrrrrrrr cry from $30M or the "billionaires" Joe talks about.
And people making that amount of money aren't - on average - "paid in stocks" to "avoid taxes."
Let me help you with a visual. For simplicity, let's just assume these people are paying the employee portion of SS, even though we know that extending the cap will put downward pressure on compensation because employers will also have to pay more. Anyways, here's the combined federal marginal rate + employee SS contribution for the various tax brackets. I've removed basic Medicare tax for simplicity, but showed the surgarge tax that kicks in for higher earners.
| Not over $11,000 | 10% + 6.2% = 16.2% |
| Over $11,000 but not over $44,725 | 12% + 6.2% = 18.2% |
| Over $44,725 but not over $95,375 | 22% + 6.2% = 28.2% |
| Over $95,375 but not over $182,100 | 24% + 4.65% = 28.65% (SS prorated for cap) |
| Over $182,100 but not over $231,250 | 32% + .57 = 32.57 (Medicare surcharge kicks in) |
| Over $231,250 but not over $578,125 | 35% + .9 = 35.9% |
| Over $578,125 | 37% + .9 = 37.9% |
As you can see, even with the phase-out of SS, higher brackets are still paying more. A lot more. It's still "progressive." Point out the group not paying their fair share here please.
I actually think we need work at the top of the tax code, where there are actually people not paying their fair share. But that sure as shit isn't in the income ranges above. Anyone who wants to tax these groups more is either 1) ignorant, 2) bitter or 3) both (most likely).
This pains me but I have to agree with you here. He is off his rocker totally. The music and pledging and a choir, etc. It's all so cultish and VERY disturbing. I find his entire display disgusting. And even if it means Biden part 2, I won't vote for him. He's lost his way by every measure.
It's gotten so bad I see conservatives on social media urging other conservatives to vote for whoever his opponent is in the general, just to rid our nation of him forever.
I was one of those in 2016 but got onboard because I just couldn't stand Clinton. But now I don't care. He needs to get lost and never come back.
i think a lot of the issue with the top of the tax code is those people typically don't pay an income tax, and are mainly taxed at capital gains. raising the capital gains tax from 23% to, i think Biden proposed 35 or 37%(??) is not the answer, imo. I think that would negatively impact far more middle/upper middle class people than just the top .1% they hope to target.
i truly don't know the answer, but we need to find a way to better tax that top .1%.
That's easy. Look up the fair tax. It's the best tax system I have seen and it would solve so many problems.
Fair tax disproportionately affects lower income households. Someone earning $20k/year being taxed 10% will hurt them more than someone earning $100k/year being taxed at 10%.
That's actually not true because there is a rebate system associated with it. Also the Fair tax doesn't have any income tax associated with it. It is entirely a consumption-based tax system. It provides a great deal of assistance to people on the lower end of the income scale. But one of the things the system could do is start to raise and comes fairly significantly. Combine that with my health care plan and we would start to see incomes rise dramatically and I think we could help a lot of people move into the middle class and reduce the size of our population living at the poverty level or below.
I apologize, my mind read flat tax, not fair tax. I'm going to read up on it now, will have feedback shortly.
What hilarious is that you think this rally was good for Trump. All this crap does is make guys like you excited, but shrink the people that will vote for him exponentially.
This is madman shit that is extremely off-putting to anyone who is educated, civilized, or lives in the real world.
When Greg Abbott, John Cornyn and Ted Cruz won't come to his rally in their own state, you know you have a problem.
I agree there is work to do at the very top. What I don’t understand is firegiver referencing people making $30M and then proposing tax increases on people making more than $160K. Or Biden waxing on about billionaires and then proposing tax increases on people making more than $400K.
These people are either ignorant or deceitful. My guess is fire is the former and Biden and the dems are the latter.
This is one of the few things you say that is not smart. This is a big one. Don't get triggered by the show like the libs.
How about you recognize that guys like @Willence and @scotchtiger are the actual republicans, and the reason that DJT didn't win in 2020, has no chance in hell of winning in 2024. He is death for the republican party if they don't pivot.
