My Political Opinions

Wake Up America

Want to help save SSN?

February 24th, 2011

Take the cap off of the SSN tax… right now the tax is collected up to $106,800 and if you were making that much you would pay $6,621.60 into SSN.

If you make $200,000 per year you would pay the same $6,621.60 into SSN instead of the $12,000 that would have been collected if there was no cap and even if you make $1,000,000 per year you would still only pay $6,621.60 into SSN.

Now consider this… the average Wall Street bonus in 2010 was $128,530 which is $21,730 over the cap.

Why is it acceptable for the middle class to pay 6% into SSN for every dollar they make, but for the better off and rich to only pay on a small portion of the reported income?

The argument is that if the wealthy continued to pay into SSN they would then be entitled to collect bigger benefits. My thoughts are simply this… if the insurance companies can make profits by selling life insurance policies then the government should be able to do the same thing by investing once they have an access of money in the fund… it’s a numbers game not everyone will live to collect what they paid into SSN and if everyone had paid their share without a cap the fund would be solvent today.

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