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View Diary: No, White House advisor Gene Sperling, entitlement cuts are not necessary (214 comments)

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  •  Mr. Spirling, you dumb F***, raise the cap on S.S. (9+ / 0-)

    Please, someone tell the dumb fucks in Washington, ELIMINATE THE CAP ON SOCIAL SECURITY, which by the way will impact only 6% of W-2 wage earners. What is so hard to comprehend? And President Obama, get some cojones and talk about eliminating the cap on S.S.

    Lift the payroll tax cap. Workers currently pay Social Security taxes on up to $113,700 of earned income in 2013. Individuals who earn more than this threshold don't pay Social Security taxes on that income. If this tax cap was gradually eliminated between 2013 and 2022 it would reduce the deficit by 71 percent. And if the tax cap were increased over 5 years to include 90 percent of all earnings (currently about 84 percent of earnings are covered) it would reduce the financing gap by 30 percent. This change would affect the 5 percent of workers whose earnings exceed the cap, and they would receive somewhat higher benefits when they retire. Lifting the payroll tax cap is a popular idea, with 68 percent of Americans supporting the complete elimination of the cap, NASI found.

    •  Can't do that; it'd solve their faked "problem." (0+ / 0-)
    •  Please get real (0+ / 0-)

      If we can't even raise the income taxes on the top 1% by a couple of percentage points, how are you going to pass a 12% tax increase?

      reduce the deficit by 71 percent
      We shouldn't use FICA to reduce the deficit anyway. FICA is for SS benefits. Income taxes are for reducing the deficit. We don't need anywhere near that big a FICA increase to fix the shortfalls in Social Security.

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