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View Diary: AK-Sen: Lets Make Mark Begich's (D) Plan To Strengthen Social Security A Reality (71 comments)

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  •  Re: the EITC. (1+ / 0-)
    Recommended by:
    elwior

    How many in Congress even remember the correlation between the EITC and the cap? Also, the Repukes in this House probably already want to do away with the EITC, and don't need any encouragement.

    •  Right, lets not encourage the GOP (0+ / 0-)

      I'm down with taxing the uber rich.

      Lets add 6 more income tax brackets

      40% starting at 2mill
      41% @ 4mill
      42% @ 6mil
      43% @ 8mill
      44%@ 12mill
      45%@ 24mill
      46%@ 48mill

      Or even repeal the Reagan tax breaks and the 1986 Tax Reform Act.

      Lets raise cap gains to 30% even 33%.

      The institutional memory of congress is full-proof, an individual's memory is not important. IF we start taking FICA from folks who earn money from capital, theres gonna be a shitstorm, cause they can get a better return on their money than what they get from FICA in the way of benefits. And you can rest assured the uber rich will feel entitled to that money, and that we owe them.

      You may feel there is little or no chance that removing the FICA cap will put the EITC at risk, I disagree.

      According to the SS Trsutees report, in the low cost scenario, the trust fund will not be depleted thru 2090. This is based on job creation, wage growth as the 2 largest drivers of FICA revenues in the next 20 years.

      The 2033 date is based upon 20 more years of recession, which would make the current the longest economic downturn since the black plague killed off half the humans. Its the Mad Max Scenario.

      If that happens I wont be worrying about getting a 75% payment on my SS benefits cause the banking system will have already collapsed.

      Create job, raise the min wage and leave SS alone.

      FDR 9-23-33, "If we cannot do this one way, we will do it another way. But do it we will.

      by Roger Fox on Mon Jan 14, 2013 at 11:18:56 AM PST

      [ Parent ]

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