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Rich Are Getting Richer and It's Hurting Social Security's Finances


Society & Culture  (tags: americans, social security taxes, society, government, politics, abuse )

Carrie
- 515 days ago - aflcio.org
Many people don't realize that Social Security taxes are capped. This year, workers only pay the Social Security FICA tax, up to $113,700 of what they make. Meaning, millionaires and billionaires are only paying a tiny portion of their income to SS taxes.



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Comments

Arlene Mary Baladi (40)
Wednesday February 13, 2013, 4:54 pm
Time to scrap the cap!
 

Terry V. (30)
Wednesday February 13, 2013, 6:10 pm
I'd like for them to try and live on what I get from SS.
 

JL A. (274)
Wednesday February 13, 2013, 6:24 pm
Scrapping the cap is long overdue--Obama proposed that his first year in office and clearly it is overdue.
 

Jason S. (57)
Wednesday February 13, 2013, 6:37 pm
Good posting, thanks
 

Diane K. (136)
Wednesday February 13, 2013, 10:00 pm
Never knew SS FICA taxes were capped. Thanks for article, Carrie!
 

Carrie B. (301)
Wednesday February 13, 2013, 10:13 pm
It would appear many are not aware of the cap. Time to make sure everyone knows, so please share this.
 

Birgitta S. (221)
Thursday February 14, 2013, 1:05 am
Terry said it. Thank you for this Important one, Carrie.
 

Pat A. (117)
Thursday February 14, 2013, 2:59 am
"Baker writes:

The share going over the wage cap is projected to rise further, reaching 17.5% of wage income in a decade. In this way, the upward redistribution of income directly worsens the finances of the program.

Baker also points out that if workers' wages had increased with productivity, they'd be making 25% more today."

Yet the bosses are making many times what they were - and the workers are making less. Scrap the cap!
 

Jodi Ashley (2)
Thursday February 14, 2013, 4:11 am
Scrap the cap!
 

Jodi Ashley (2)
Thursday February 14, 2013, 4:13 am
Scrap the cap!
 

Gene Jacobson (242)
Thursday February 14, 2013, 5:55 am
That has NEVER made sense. SS is not means tested either. So why should there be a cap at all? Only to allow the rich to escape paying their fair share. I grant that they will never get back all of what they paid in, but so will all those people who pass before they retrieve (with interest) what they have paid for 40 plus years. Not only should the cap be dropped but Congress should be required to put BACK all of the money they have "borrowed" over the years from the fund, WITH interest, it would be on solid financial footing had they not looted it in every session since it became law. No one talks about that, only the deficit, not the thievery that created it. I don't care if they pay it back out of their own well-funded retirement plan but pay it back they should. And drop the cap at the same time.
 

John Gregoire (257)
Thursday February 14, 2013, 6:21 am
Scrap the cap -it should have happened a long time ago.
 

Diana Bair (7)
Thursday February 14, 2013, 12:56 pm
Get the republicians....OUT of.......OFFICE. THEN AND ONLY THEN, can the rich be handled properly, and change laws on outsourcing...JOBS!!!!!,,,,,,,and,,,,, change laws on ....TAX HAVENS, Then what americia and.......AMERICIANS shoud have will be ...POSSIBLE!!!!!!. ...........AND NEVER EVER AGAIN VOTE IN TOO MANY .........REPUBLICIANS!!!!!!!!!!!. Diana
 

Angelika R. (146)
Thursday February 14, 2013, 1:43 pm
One headline to be BOOKMARKED for permanent re-use! Thx Carrie
 

Lois Jordan (55)
Thursday February 14, 2013, 4:19 pm
Noted w/thanks, Carrie. I've been onboard with ending the cap for awhile and have requested it from my Congress critters--without response unfortunately. And, I believe this should also be "progressive." Those making up to $25,000 yr. would pay less, and those making over $1 million yr. would pay more.
Gene, (above), made an excellent comment regarding the "borrowed" money...much of it used to pay for 2 wars. Billions were "borrowed."
*I'm sorry I'm unable to send a green star to Gene since I sent one within the past week.
 

Birgit W. (140)
Thursday February 14, 2013, 5:31 pm
Thank you
 

Aaron Bouchard (123)
Thursday February 14, 2013, 6:06 pm
Noted thanks
 

Scott haakon (4)
Thursday February 14, 2013, 7:19 pm
Scrap the cap would make the most sense. I cannot support means testing as these people paid into it also. But I can see a credit at tax time for not taking the Social Security when they don't need to. That is a fair way.
 

Karen H. (4)
Thursday February 14, 2013, 7:36 pm
Scrape the cap!!
 

Susanne R. (249)
Thursday February 14, 2013, 10:02 pm
I found a petition to "scrap the cap" while clicking on a link within the attached article. For those who might have overlooked it, I'm providing the link below:

Scrap the Cap!

Thanks for posting this important information, Carrie!
 

Carrie B. (301)
Thursday February 14, 2013, 11:55 pm
Thanks for the link Susanne.
 

Carol H. (229)
Friday February 15, 2013, 4:36 am
scrap the cap!!! signed the petition!! thanks for the link Susanne!!
 

Linda R. (17)
Friday February 15, 2013, 9:22 am
TY for the article. I think the cap needs to be rethought out. If your only paying taxes based on $113,000 then you should not be getting benefits based on anything larger. If you want to collect more in S.S. when you retire then you should pay more in.
 

Elizabeth M. (66)
Friday February 15, 2013, 10:41 am
Read and Noted with thanks Carrie. And signed petition - thanks Susanne.
 

Mary Donnelly (46)
Friday February 15, 2013, 2:27 pm
Thanks Carrie.
 

Charlie Rush (45)
Monday February 18, 2013, 1:07 pm
NUMBERS DON'T LIE!

What fascinates me, is the conservative Republicans voters,
who continue to vote for more wealthy politicians, who continue to supply those who have more money than they can spend.
When are they going to face, that they will never reach the success of the upper class,
dream as they may.

Our middle class keeps our country, moving forward. They perform the labor and spend, when they can. They don't put their money into over-seas accounts, to further their control and position.
It's time for the average conservative mature and smell the flowers, for which the wealthy will never provide you.
AND, they're not giving you their money!
 

Jennifer C. (172)
Monday February 18, 2013, 7:42 pm
Thanks.
 

g d c. (0)
Friday February 22, 2013, 6:17 pm
ty
 

Eternal Gardener (703)
Friday July 5, 2013, 7:51 pm
Nauseating abuse!
 
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