Obama in favor of raising social security taxes

[TheEngineer]

[ QUOTE ]
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.

[/ QUOTE ]

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.

[BennyMac]

Does this thread really belong in here?

[TheEngineer]

[ QUOTE ]
Does this thread really belong in here?

[/ QUOTE ]

No. It was started with the best of intentions, I think, but it seems more suited for Politics.

[NickMPK]

SS taxes are paid only on wages, not all income. From what I understand, gambling winnings are income, but they are not wages, and you do not have to pay SS tax on them. Gambling winnings don't make you eligible to collect SS either, so I don't know why they would require paying into that system.

[TheEngineer]

[ QUOTE ]

SS taxes are paid only on wages, not all income. From what I understand, gambling winnings are income, but they are not wages, and you do not have to pay SS tax on them. Gambling winnings don't make you eligible to collect SS either, so I don't know why they would require paying into that system.

[/ QUOTE ]

You have to pay it as part of the SE tax if filing as a professional.

[DeadMoneyDad]

[ QUOTE ]
[ QUOTE ]
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.

[/ QUOTE ]

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.

[/ QUOTE ]

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

[TheEngineer]

[ QUOTE ]

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

[/ QUOTE ]

True. To clarify, I don't wish to pay extra to get extra to get extra. I'd much rather opt out of the whole system. Too bad that the government thinks they own ALL of our income, to the point where people say it's "unfair" that we "get" to keep some of our own money.

[Uglyowl]

It's kind of sad that I have both 401(K) and Social security is taken out of my paycheck since the 13% between me and my employer I may never see. It is just a giant pyramid scheme.

Yes I am mad about the system itself, but tons more that the ones who decide the rules are too good to take part themselves.

[Berge20]

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Does this thread really belong in here?

[/ QUOTE ]

Not really, but I'll leave it here unless it gets unruley.

I generally love political discussion, just not on the politics board.

[bigbabyjesus]

Well, Obama lost my vote. I haven't really researched candidates up to this point but I felt he was the best on early impressions.

I pay such a sick amount in taxes thanks to the SS charge as is.