More proof of GOP stupidity & malfeasance: They disapprove of raising SS income cap

[MrScorpio]

They obviously did not go into government to solve America's problems.

Obama backs lifting income cap for Social Security

By Kim Dixon
WASHINGTON | Tue Apr 19, 2011 5:47pm EDT
(Reuters) - President Barack Obama said on Tuesday that boosting the amount of individual income subject to Social Security taxes should be considered as a way to put the retirement program on a stronger fiscal footing.

The president's deficit commission late last year proposed raising the income cap on Social Security taxes, now at about $107,000, but Obama has shied away from supporting specific proposals.

Many Republicans criticize the idea as a tax hike.

Neither political party has wanted to touch the government-run program, in part due to its popularity among seniors, a crucial voting bloc. But it is seen as much easier to fix than tackling government-run healthcare programs.

Obama noted that Social Security has not been a driver of budget deficits, though the program will be unable to pay out full benefits to retirees in a few decades. For that reason he said "tweaks" are needed to stabilize the program's finances.

"For the vast majority of Americans, every dime you earn, you're paying some in Social Security," Obama told college students in Virginia. "But for (billionaire investor) Warren Buffett, he stops paying at a little bit over $100,000 and then the next $50 billion he's not paying a dime in Social Security taxes."

"If we just made a little bit of an adjustment in terms of the cap on Social Security, that would do a significant amount to stabilize the system," Obama said.

http://www.reuters.com/article/2011/04/19/us-usa-obama-socialsecurity-idUSTRE73I46920110419?feedType=RSS&feedName=topNews&ca=moto&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FtopNews+%28News+%2F+US+%2F+Top+News%29

[TheCowsCameHome]

1. Everything is a tax hike in their eyes.

Freaking morons.

[Billy Burnett]

2. The ONE flat tax they don't support! eom

[Wilms]

3. You know that employer-guy who makes a huge chunk of income depressing wages?

You know the one. Living waaay higher on the hog than his predecessor of a generation ago? Well he doesn't pay any SS tax above $107,000.

And you also know the guy with income depressed and flat-lined for three decades living waaay lower on the hog than his counterpart of a generation ago. He's not paying more into the system because he ain't making more to be taxed on.

So fat cat is depressing the amount of money going into the system because he doesn't pay taxes on the amount he stole from employees who WOULD be paying more into the system had their wages not been pilfered.

:shrug:

[RC]

4. You got it!

The real reason why Social Security is in trouble in the first place.

The living Wage jobs that paid into Social Security are being eliminated and outsourced.
The fix is to change the Tax Code so as to NOT reward corporations for outsourcing.
Raising any caps on Social Security is not the solution. By raising the cap, the original problem, outsourcing, remains.
Raising the cap on S/S can be analogous to stretching a blanket, so it will cover more, but the blanket will be thinner as a result, as more money will be paid out.
In other words, raising the cap is just diddling with the symptoms, it is not dealing with the root cause, rising unemployment and loss of our Living Wage jobs. We need to deal with the root cause.

[pansypoo53219]

5. too fucking bad.

NO LIMIT!

if there is a minimum wage, bring on the maximum wage.

[gratuitous]

6. A tax hike?

I prefer to think of it as asking the fat cats in the back of the cart being asked to get off their dead and dying asses and help pull this thing. The workers have given them a free ride long enough. Too long.

[JDPriestly]

7. I support doing away with the cap.

Lower the rate of the Social Security tax and then impose it on all income including capital gains and brokers' commissions -- everything.

[MrScorpio]

8. Now THAT'S a reasonable proposal

And with 80 percent of the wealth held by the top 20 percent at stake, it would make SS solvent throughout perpetuity.

I like the cut of your jib, my friend.

[hansberrym]

9. So the rate of return on SS will go negative around 2035, and the

solution to this problem is to put more money into the system? How could that possibly improve the rate of return? If individuals pay in more, won't they have to be paid back more? The supporters of raising the cap leave out an important detail, they do not intend to pay benefits on the additional "donations", that is how they intend to fix the problem.

Too Big To Fail Bank bailouts, Kelo, Raich, Mead v. Holder, the SS "fix" -these are just links in the chains being forged for us!


Economic Decision-Making Is an Activity Subject to Congress’s Commerce Clause Power!
Economic Decision-Making Is an Activity Subject to Congress’s Commerce Clause Power!
Economic Decision-Making Is an Activity Subject to Congress’s Commerce Clause Power!
Economic Decision-Making Is an Activity Subject to Congress’s Commerce Clause Power!
Economic Decision-Making Is an Activity Subject to Congress’s Commerce Clause Power!
Economic Decision-Making Is an Activity Subject to Congress’s Commerce Clause Power!
Economic Decision-Making Is an Activity Subject to Congress’s Commerce Clause Power!