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View Diary: "Saving" Social Security (46 comments)

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  •  Mainly the cap needs to be raised. (5+ / 0-)

    It has not been raised in a number of years.

    I can see advantages and disadvantages for collecting taxes on capital gains and dividends. Many middle income retired people supplement their Social Security with capital gains and dividends and an additional 15+% tax on those earnings would hurt them quite a bit. But a big exemption for the first $25,000 or so would make it so that those who could afford to do so are taxed and those who cannot are not.

    Other sources of income, such as some stock options, should be considered as compensation and therefore subject to FICA. (Some stock options are subject to FICA but some are not). I am sure there are many other loopholes for the wealthy to get around paying FICA.

    You can't scare me, I'm sticking to the Union - Woody Guthrie

    by sewaneepat on Tue Oct 02, 2012 at 07:09:42 AM PDT

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