Most Americans have the right idea on SS.

[Dinner]

A new CNN/USA Today/Gallup poll conducted last weekend and released today shows the majority of Americans want to raise payroll taxes on the wealthy and not privatize Social Security. Currently Any money earned over $90k per year is not taxed by Social Security and most Americans believe this is an unfair give away to the rich.

Meanwhile, 55 percent think President Bush's proposal to allow future wage-earners to invest some of their Social Security taxes in private investment accounts is a "bad idea." That's the same percentage as thought so a month ago, before the president began his campaign for the plan. It looks like most Americans understand there isn't a huge crisis in social security and the minor short falls which will occur in 2052 can easily be covered by making the wealthy pay taxes on all their earnings just like everyone else.

http://money.cnn.com/2005/02/08/retirement/poll_socsec/index.htm

[Q Classic]

nm

[Pekka]

I thought it was the other SS.. like 'college graduates tested well on multiple choice question: SS and Hitler. Bad? Good?'. Over 96% answered Bad'.

What do you want? A medal?

But it was social security.. blah. boring.

[Agathon]

You believe that what the people think makes any difference to your corporate overlords?

Pah!

[Dinner]

Yes.

[Flubber]

Question

will the "wealthy" get social security benefits in line with what they put into the system??

here in Canada they charge social security and unemployment insurance on something like the first 30 K of earnings. They don't charge beyond that but they don't offer any benefits beyond that either.

[Dinner]

What you get out of social security is based upon your life time earnings but there is a cap beyond which you don't get more even if you pay more. PACs for the rich people lobbied that since their payout was capped their taxes should be capped too. That sounds nice but the truth is it is unfair to the 90% to have all of their wages taxed while the wealthy 10% don't have to pay SS taxes on anything over 90k per year. Just make everyone pay the same flat tax on all their earnings and the problem is solved.

[Japher]

The rich are rich (and stay rich) because they read the fukin manual on how to do so. Changing the rules now should obviously be done, but both sides (rich and poor) need to agree on a solution that would save SS and not screw themselfs less.

I don't really care what happens, because I know that the rich will still be rich, and the poor will still be complaining about it.

[Flubber]

Originally posted by Oerdin
What you get out of social security is based upon your life time earnings but there is a cap beyond which you don't get more even if you pay more. PACs for the rich people lobbied that since their payout was capped their taxes should be capped too. That sounds nice but the truth is it is unfair to the 90% to have all of their wages taxed while the wealthy 10% don't have to pay SS taxes on anything over 90k per year. Just make everyone pay the same flat tax on all their earnings and the problem is solved.

Well "fair" is a bit subjective-- You could equally say that it is only "fair" that every dollar paid in be treated the same. Paying the premium with no matching benefit is simply an income redistribution. I don't have a problem with that but I would never characterize it as inherently fair. Its taking money from some people to give to others--

AS for the poll, you could probably get a majority of people to say that a tax of an additional 50% on income over a million is a good thing. I believe most people are happy to tax others LOL

Also when in heck did 90K become "wealthy"??-- Admittedly its a good income but lots of people that make that income would be far from "wealthy"

[Dinner]

How can it not be fair to have everyone pay the same tax on all of their income? Especially when this small change can solve nearly all of Social Securiity's problems.

[chequita guevara]

Originally posted by Oerdin
Yes.

And where was your recent government vacation again, despite the fact that a majority of Americans opposed you going there?

[Sava]

finally a good poll

[Harry Tuttle]

Re: Most Americans have the right idea on SS.

Originally posted by Oerdin
Currently Any money earned over $90k per year is not taxed by Social Security and most Americans believe this is an unfair give away to the rich.

Well I'll be the wet blanket here and say this: How many of those making over 90K actually need social security?

And how much do those making over 90K pay in Federal taxes?

And with the Alternative Minimum Tax?

And in State Taxes?

And in City Taxes?

And how many invested in the creation of their own business?

And how many of those wonderful rich bastards pay wages to others?

And how many of those businesses match employee contributions dollar for dollar?

...Well there you go.

[Lincoln]

I say make the rich pay and privatise social security as well. Also rich people should not be able to collect one dime of benefits unless they fall into poverty later. The program was designed to provide a sense of security and dignity to old people not be a universal retirement program.

Privitasing SS is not a problem if it is done right and it makes more sense than getting a 2% return on your investment. I get 4% on a 5 year CD. There are ways to protect the private investments. Hey I just thought of one. Force the private accounts to be imostly invested in FDIC insured accounts. You have instanty doubled the return that is given by the government. Let's face it, the government screws everything up and charges more to do it. Privitizing part of it makes sense. The stubborn stonewalling by the Democrats is simply childish and unnecessary.

[Agathon]

What if your privatized account goes belly up?