Democrats Want Old People to Suffer and Die in Poverty

[I AM NOT THAT GUY 5,715]

Top Senate Democrat proposes Social Security panel

WASHINGTON (AP) — The Senate's No. 2 Democrat said Wednesday that he's preparing a plan to create a commission to study Social Security's fiscal problems and send a proposed solution to Congress for guaranteed votes in both House and Senate.

Social Security currently is spending more than it takes in in payroll taxes and relies on savings from previous surpluses to pay benefits. Those savings are estimated to run out in 20 years.

Durbin wants the commission to make recommendations to make Social Security solvent for 75 years. The panel would be expected to consider increases in the payroll tax, a higher retirement age and a lower annual cost-of-living adjustment for beneficiaries.

http://xfinity.comcast.net/articles/news-politics/20130320/US--Budget.Battle-Social.Security/

Wouldn't raising the payroll tax disproportionally disadvantage the working poor?

[Caryh 5,206]

Wouldn't raising the payroll tax disproportionally disadvantage the working poor?

Removing the top income limit raises the payroll tax without increasing the tax rate.

[I AM NOT THAT GUY 5,715]

Removing the top income limit raises the payroll tax without increasing the tax rate.

That is what I would do first, however, they could also consider a way to include other income as well, since all the higher income folks have to do is defer compensation, or receive it in a different form, to avoid the additional tax.

[Caryh 5,206]

That is what I would do first, however, they could also consider a way to include other income as well, since all the higher income folks have to do is defer compensation, or receive it in a different form, to avoid the additional tax.

I almost mentioned that, but decided to stick straight to the point raised.

Also they could increase the retirement age again.

Right now is really not a good time to be talking raising more taxes. The economy is still slumping, and we already gave the average person a 2% hit with SS taxes.

[Karee 4,191]

Removing the top income limit raises the payroll tax without increasing the tax rate.

I still don't understand why that limit is there.

[I AM NOT THAT GUY 5,715]

I still don't understand why that limit is there.

It is so old people can delude themselves into thinking they are not receiving welfare.

[Karee 4,191]

It is so old people can delude themselves into thinking they are not receiving welfare.

The cap on payroll taxed income?

[JohnR! 5,495]

Wouldn't raising the payroll tax disproportionally disadvantage the working poor?

Of course not. You seem to forget that the poor do not work. They live off of welfare. Remember, they are the 47% of which Romney spoke...

[I AM NOT THAT GUY 5,715]

The cap on payroll taxed income?

Yes. It is an "insurance program they paid for all their lives", so if you were forced to make contributions beyond which would qualify you for the maximum benefit, then that additional money could never be considered an insurance premium, but rather what it really is, a transfer of wealth, from hard working Americans to lazy old people, many of whom really don't need the money anyways.

Same reason nobody brings up means testing for senior wealthfare (sic) and healthcare.

[Mr. Big Dog 10,747]

That is what I would do first, however, they could also consider a way to include other income as well, since all the higher income folks have to do is defer compensation, or receive it in a different form, to avoid the additional tax.

Raising the cap would help SS a lot. There are plenty of folk with regular salary earnings exceeding 107K. Not sure how one would defer regular salary income.

[Karee 4,191]

Of course not. You seem to forget that the poor do not work. They live off of welfare. Remember, they are the 47% of which Romney spoke...

I see you still don't understand the difference between income tax and payroll tax.

I found this link especially for you. Read up and let us know what you've learned:

http://smallbusiness.chron.com/difference-between-payroll-tax-income-tax-56388.html

[I AM NOT THAT GUY 5,715]

Not sure how one would defer regular salary income.

I am sure there is a scheme, but I just checked, and even 401K contributions are subject to payroll taxes.

Edited March 20, 2013 by The Patriot

[Karee 4,191]

I sure there is a scheme, but I just checked, and even 401K contributions are subject to payroll taxes.

Are long term capital gains taxed at all for Social Security and Medicare?

[Mr. Big Dog 10,747]

Are long term capital gains taxed at all for Social Security and Medicare?

Think they introduced something on non-payroll income for Medicare with PPACA but for SS, it's payroll income only.

[spookyturtle 9,466]

I thought that the Republicans and conservatives didn't care about old people? Now I'm confused.