Reply to What Would You Be Willing to Do to Save SS?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]"To make all of Social Security solvent for the next 75 years would require the equivalent of any of the following:[b] immediately raising the Social Security payroll tax rate to 14.98% from 12.4% on the first $118,500 of wages;[/b] cutting benefits by 16%; or some combination of the two."

In other words, raise the percentage close to where it was just a few years ago.

Also, where in this article do they reference that it runs dry because what's owed to the trust fund, over 2.7 trillion, has run out in combination with the amounts being added in each year.[/quote]
Hold the phone. They CUT the percentage that earners pay in a few years ago? (Retirees forget these things.) if so, I doubt that was supposed to be permanent - sounds like something to put more money back in Americans pockets. So....yeah.....first thing would be to restore it. And the 2.5 percent is shared by employer and employee, so it's barely a 1% increase. Spread over 150 million workers it makes a big difference.[/quote]

Let me correct myself. When I looked it showed it without the additional they add in for the medicare. I remembered them cutting it for a time but I will have to go back. I am self employed, pay the maximum at 15.3% and it doesn't separate it as fica and medicare. I am also paying additional medicare tax beyond the max.

Now, what I have been for is holding the employer contribution the same, lower incomes pay a smaller percentage and higher incomes pay more.[/quote]

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