Skip to main content

View Diary: Oregon senator joins the call for increasing Social Security benefits (130 comments)

Comment Preferences

  •  yes i hit the cap (0+ / 0-)

    in my single income household. So there will be plenty of dual income households making lots more than me who won't be affected.

    a married couple making 200K combined (100K each wont get touched). And that's a hell of a lot more than i make.

    •  We've heard the impact on you, but what (16+ / 0-)

      are your thoughts on the impact on low income levels of having a bit more disposable income each month?

      Generally, what is your attitude on paying taxes of all types?

      "The law is meant to be my servant and not my master, still less my torturer and my murderer." -- James Baldwin. July 11, 1966.

      by YucatanMan on Fri Mar 14, 2014 at 09:57:07 AM PDT

      [ Parent ]

    •  P.S. Both those income earners will contribute (22+ / 0-)

      their share to SS via their individual $100K earnings.

      What is the issue here?  Two people are working, versus one. Both pay the tax on their entire income, versus you receiving some income SS-tax free.  Seems like you're getting the better deal than those two earners to me.

      If you would like to have the benefits of a two earner household, maybe someone else in the household can go to work?

      I mean, that's life. Different things happen to different people of different incomes.  Two people working and contributing to the economy versus one.  What's the issue?

      I'm in favor of removing the cap entirely.  Why should rich people be taxed at lower rates than the poor?

      Just my personal view.

      "The law is meant to be my servant and not my master, still less my torturer and my murderer." -- James Baldwin. July 11, 1966.

      by YucatanMan on Fri Mar 14, 2014 at 10:00:25 AM PDT

      [ Parent ]

    •  Yeah, the cap is bad... (4+ / 0-)
      Recommended by:
      Reepicheep, guntotindem, La Gitane, Skyye

      ...and as someone who typically has a few paychecks at the end of the year over it (and on a year she works all-year, the same happens for my wife, although this year she was well under it with unpaid maternity leave), I actually begrudge our taxes going down.

      For someone who makes what we do as a couple, the cash is an irrelevance.  At the same time, someone earning the same as we do, whether on a good year or this year, on a single income gets a HUGE tax break* compared to a two-or-more-income household.

      (* remember, it's not just the 6.2% for social security that drops off -- it's also the 6.2% their employer doesn't have to pay, or the 6.2% that they don't have to pay in self-employment tax.)

      To make the math easy, a two-income couple making $108.5k each compared to a single income couple where one person earns $217k.  The two income couple is going to be paying an extra $6200, and their employers between them will pay $6200 more than the single-income case.  

      Yes, the two income couple may get more in social security benefits (depending on the overall earning history, but for simplicity we'll assume that this was a single-income couple throughout most of their adult lives), but by less than you think: non-working spouses (or ex-spouse) can collect benefits based on the working spouse's contributions.

      Further, given the odds that some kind of benefit caps or clawbacks for those with high incomes in retirement get put in (heck, they're already there given the rules on taxability of benefits, and they're fairer than chained CPI) or even the fair way of dealing with the shortfall if nothing is done (cut benefits from the top down)... odds are the benefits difference is going to go down even further.

      --

      We won't even start on the survival of the marriage penalty for people with high incomes (which is hardly the worst thing in the tax code, but it kicks in lower than you think thanks to AMT) or the fact that someone with a purely investment-based income pays even lower taxes still... including no social security tax at all.  

    •  My husband and I both (3+ / 0-)
      Recommended by:
      Flying Goat, La Gitane, splashy

      work 40 hours a week to just barely make the median income in my state.  We are both taxed payroll taxes every paycheck.  We also have kids that we would like to help through college, and many other expenses.

      Are you contributing everything you can to your retirement?  Do you have a tuition savings account?  You can arrange for both of those to be taken out of your paycheck pre-tax, which would lower the amount of your income that is subject to tax.  

      I am not in a financial position to contribute any money to my 401k, or open a savings account for my kids.

      "YOPP!" --Horton Hears a Who

      by Reepicheep on Fri Mar 14, 2014 at 01:51:08 PM PDT

      [ Parent ]

    •  But they'll be paying... (0+ / 0-)

      social security taxes on ALL $200,000 of their annual income.

      "There have been tyrants and murderers and for a time they seem invincible but in the end they always fail. Always." -Gandhi

      by Grandma Susie on Fri Mar 14, 2014 at 02:51:29 PM PDT

      [ Parent ]

    •  I have no sympathy for your financial woes (3+ / 0-)
      Recommended by:
      Constantly Amazed, Blueiz, splashy

      Your fucking pathetic whining is falling on deaf ears.

      So there will be plenty of dual income households making lots more than me who won't be affected.
      Plenty?

      What a load of horseshit. I'll tell you what plenty is.... half the men in the US make 32k or less. About 55 million men.

      23 million Americans want a real job.

      That what fucking plenty is, about 77 million who make a quarter of what you do.

      .................expect us......................... 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 Fri Mar 14, 2014 at 04:15:51 PM PDT

      [ Parent ]

    •  hodor (0+ / 0-)

      wait a minute, aren't they already paying twice as much into SS right now than you are? They pay on each ones salary, so they are paying on $200,000. verses your $100,000.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site