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Since the cap is 97,500 (we'll say 100k), anyone making less paid ssi taxes on 100% of their monies and had 48% of those ssi taxes go to paying the deficit.
Those football players making 2m a year, were taxed for ssi on 5% of their gross income.
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They also only get benefits based on 5% of their gross income, so this is hardly a flaw.
Then again, you made contributions to my pension plan on
0% of your earnings and I had to make contributions on
100% of my earnings. ZOMG MY PENSION PLAN IS A GET RICH SCHEME FOR YOU!!!!
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Your thinking is flawed. The ssi surplus cannot be repaid. That's 3 trillion dollars of the 10 trillion national debt that was paid for with ssi surpluses.
I was wrong in my original thread when I quoted 2t, it is 3 trillion.
http://www.yellowstone-national-park...s/ssi-fund.htm
If those making 97.5k were paying into a retirement program, then it would be fair and you would be right.
But that is not the case. The Gov't is using the excess to pay the deficit down before going out to the public and borrowing the rest, with no way to repay it, without raising taxes.
So, by raising taxes, they will be taxing us again to pay back our ssi surplus.
It is also a fact, that all they need to do to keep ssi afloat, is raise the cap on ssi taxes to 150k. ZOMG!! A football player making 2m a year, would have to pay ssi taxes on 7.5% of his gross!
We are fast approaching the day, when there will be no ssi surplus due to the outlays to the baby boomers, and congress will not have the 350b each year in ssi taxes to pay down the deficit. Instead they will have to go out and borrow to pay back the 3 trillion to the ssi fund.