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Money and Finances
Reply to "Biden tax proposals - MFJ"
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[quote=Anonymous][quote=Anonymous]Right there is no solution..personally Iām all for cutting DoD, SS and Medicare but good luck with that. Our population is too old, I guess this is the downside of longevity š[/quote] When you talk about "cutting" social security, do you still assume these higher earners will pay into the system for 40-50 years? If they are, you're just selectively taxing them to the hilt. And what happens if you only make moderate salary for 10-15 years, then get a huge bump? Everything you contributed is wiped out? That would be a massive reorganization of how SS works, and would likely take 60 votes in Congress to get it passed and have it stick. And if they're not going to pay into the system, the system goes broke fast. A much more realistic option is simply raising the cap for contributing social security taxes, say to the first $250,000 of salary. [/quote]
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