How to fix Social Security:
“Or, the Social Security Administration could increase the wage base limit, which means higher-income earners would pay more in payroll taxes. That may be a more popular option among middle-income earners than high-income earners. Another option could be to raise the payroll tax rate, but a tax hike would likely be a hard sell.”
Wait. We have to ASK the rich minority if they can be taxed more???
What the actual fuck?!?!
https://moneywise.com/retirement/social-security-shortfall-middle-class-americans
@feloneouscat
Greed is a disease.
The insatiable hunger.
@feloneouscat My neighbors will vote to lose their social security so billionaires didn't have to pay taxes. That's where we're at. I can't fight the stupid.
Asking permission to tax the wealthy and/or to obtain their approval will not become a reality.
@feloneouscat
My memory, is that Greenspan, during the 80s "reform" decided that the top tax for SS should be "to the 90th percentile" (means 90% of 1980s workers earned UP TO that amount).
But they failed, by making the limit that "salary level" ~ NOT a sliding "90th" percentile.
So the "cap" now covers (?) about the 60th percentile (SWA guess), and everyone over that low limit is now paying less than they could or should.
The rich want tax breaks.
Why?
Because if they don’t get them, they will be less rich.
Huh?!?!
So, the middle class, who have WAAAY less money should make up the difference to PAY FOR THE RICH?!!!
Of course this makes sense to the wealthy minority.