What would you think of this idea for Social Security?

[bluestateguy]

Note that this is just a think piece and I have not even decided myself if this is a good idea. I am interested in hearing respectful opinions of this idea before making up my mind:

Say we kept the payroll tax cuts for workers going into effect this year indefinitely, but also lifted completely the earnings cap (currently about 106 grand a year) for all workers. The rate would be 4.2% for all, in other words, whether you make $10,000 or $1 billion a year. Employers would continue to pay 6.2% upon only the first $106,000 . No changes for them.

[Cleita]

1. Many have suggested just that but

getting the cap lifted is the problem. We need a very progressive Congress to pass a law like that and a veto proof one at that. Bernie Sanders has stated that this is a first move to destroy Social Security altogether so the powers that be are not interested in saving it.

[WinkyDink]

2. If the upper level were deleted, the S.S. tax burden could be lifted from the shoulders of

the working poor.

[truedelphi]

3. I love it. But since the Upper Elite controls the discussion

What do we do to have a common sense idea like yours apply?

Obama used to be in favor of a 25 cent per stock transaction fee to help our deficit. Don't know where that idea went either.

[Nite Owl]

4. I've been writing to my

congresspeople for years to do just that.
It would work. It would be a pay raise to those that need it and those just over the cap now would be paying the same so it wouldn't hit them hard. It would be those who make the most who would now have to pay up and to them it would be pocket change. Would equitably solve a lot of problems. Doesn't seem like they are or would consider it as a solution. Taxing the rich is bad but taking away from the middle class and the poorest is just fine to most of them.

[peacebird]

5. I have also written to my congresscritters for years asking them to eliminate the cap

But as someone here already said - the gop wants to eliminate SS, not save it...

[rocktivity]

6. It's the ONLY idea for Social Security

The solution is that simple. But just like with health care and financial reform, corporate personhood is pulling the government's strings. Is that too many of our political leaders are prepared to destroy it if their big-bucks contributors don't bet to privatize it.

:(
rocktivity

[DesertFlower]

7. i think it's a great idea.

unfortunately politicians don't seem to like simple answers.

[SheilaT]

8. Lifting the cap is a very good idea.

It would probably be better to phase it upwards over a period of years.

In fact, the reason the cap has been raised over the years is to keep the system solvent.

One year back in the 1970's I actually topped out on FICA at the very end of the year. I think I got two paychecks that were slightly higher because of that. Never again, alas.

[RC]

9. Bad idea.

You raise the cap and you raise the level of Social Security the well-to-do get when they retire.
A better idea would be to get our living wage jobs back into this country so they can pay into Social Security.

BTY, S/S being bankrupt by 2035 is a worse case scenario. As things stand now, it ain't a gonna happen till like 2075 or some such.

[Xicano]

10. I agree with my union on this issue + lowering the retirement age...

I don't just believe in raising the cap, I believe in eliminating the cap. In addition I believe lowering the retirement age, as some DU'ers have suggested, will eliminate a lot of unemployment which would also result in reducing the government's liability to unemployment insurance.

[Motown_Johnny]

11. I would need to see more math

to decide. How much more (if any) revenue would be generated with the cap lifted but with the cuts in place?