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From what I can see, this is nothing more than eliminating the income cap above which SS taxes are not paid, which is 97k, coincidentally (or very close to it). That is, you pay SS taxes on every dollar you earn up to 97k, after which, you stop paying SS taxes. Why should there even be an income cap?? That is an arbitrary ceiling and not fair, considering that the wealthy can still collect SS themselves.
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Do you think SS should pay out millions to wealthy contributors as well? The reason for the cap is that it was never intended to be a welfare program. Benefits are supposed to have some correlation to contributions. I could see paying double now if I can get double later, but that's not Obama's plan.
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Well if you do the right thing and actually save enough for your own retirement and in the process pay for quite a few other's retirements you get taxed on your SS income.
http://www.fool.com/taxes/2002/taxes020315.htm
Comming and going,
D$D