Skip to main content

View Diary: Why Now is the Time to End the Social Security Tax Loophole (87 comments)

Comment Preferences

  •  14k annually (1+ / 0-)
    Recommended by:
    Clem Yeobright

    $168,000 annually by my back of the envelope calcs.

    And those richer people live longer, 5 to 10 years longer. SO that 168k can become 340k, from 65 to 91 yrs old.

    ...... Social Security blogathon March 25th thru March 29th. #HandsOffmySS 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 Tue Mar 26, 2013 at 01:53:40 PM PDT

    [ Parent ]

    •  C'mon, Roger, kick it up a notch! (3+ / 0-)
      Recommended by:
      VClib, 3goldens, Roger Fox

      Funny thing about SS is that very different amounts of benefits may proceed from a single 'account' - because SS unlike other pensions focuses on the welfare of the recipient(s) and not strictly on the value of the contributions.

      So the cap is scrapped and you and I both walk into the SS Office with our identical $28-million-in-35-years earnings records and I - a lonely (and cranky) guy - get roughly my 15% income replacement of $10k per month and you get:

      $10k for you, and
      $5k for your wife, and
      oh yeah, $5k more for that woman who divorced you 20 years ago.

      And that's every month for the rest of your lives, and even if you (like me) gently fade away at 85 or 90, it's likely that lady of yours will collect that $10k - COLA'd however it's COLA'd - for a solid 400 months = ... 4 million smackers! In 2012 dollars!

      Now, if the cap stays in place and the same scenario occurs with your payment of $2500 and your wife's and ex-wife's $1250 each ... I can feel okay with it, things worked out for you, congratulations! But 4 million! Fuck Social Security! LOL

      Moral: Keep the cap!

      Too late for the simple life, too early for android love slaves - Savio

      by Clem Yeobright on Tue Mar 26, 2013 at 02:31:35 PM PDT

      [ Parent ]

      •  bottom 50 percentile dies @ 81, top 50% @ 86. (1+ / 0-)
        Recommended by:
        Clem Yeobright

        ...... Social Security blogathon March 25th thru March 29th. #HandsOffmySS 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 Tue Mar 26, 2013 at 03:37:23 PM PDT

        [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site