Reply to High earners/savers: How do you feel about social security?

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Reply to "High earners/savers: How do you feel about social security?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We should have enough without. I don't understand why they have a wage cap. Just take it from all wages and that will solve the insolvency problems pretty quick. [/quote]

I wish they would just tax all earnings instead of having a cap there - that would also solve the problem!
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Will it though (serious question)?

The ultra high net worth and above folks derive far more from investments and capital gains that aren’t subject to SS taxes.

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So charge cap gains and carried interest tax the same as earned income. Why should they get a discount? Done. [/quote]

That’s a complete overhaul of the tax code.  Increasing on W2 earnings is a far easier thing to pass and somewhat realistic.

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Collecting a tax for a benefit you have no plans to pay out in full is also defacto overhauling the tax code. The medicare tax does not even have a cap and in fact imposes a surgecharge for couples making over $250k despite the fact that those same people will have to pay higher premiums to access medicare in retirement due to means testing. It's utter BS. [/quote]

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