Reply to Should 401ks be phased out?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I would rather see the social security cap eliminated first. [/quote]

You can't do that, because then you turn SS into even more of a welfare program unless you're willing to also proportionally increase benefits to retirees. And then moment you turn it into a welfare program, any semblance of bipartisan support for SS dies an ugly death. [/quote]

Exactly.  SS is not a welfare program, it is a program you and your employers contribute to.  So Bill gates collects the same thing as someone who makes $187K for 10+ years (or whatever the current max/cutoff is) when they hit 65.  If you increase the cap (or remove it) and don't pay out proportionally then it's a welfare program.

As it is, the UMC/Rich already pay (with no cap) 1.45% for medicare tax.  If you are rich and mostly viaW2 income, you already pay an extra 1.45% for medicare on entire earnings.  Trust me when I say I will see no difference in my payouts for medicare/insurance coverage for paying that on $2M+ each year.

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