How many times have we heard the story that the Social Security program is or will be out of money?
We’re told that the solution to the problem is to either raise the retirement age, reduce benefits, or both.
But, there’s another action that could be taken, which would boost up the fund, and that is to eliminate the cap on the amount of earnings subject to withholding, currently at $106,800.
Why should people who earn more than amount be exempt and continue to be exempt from further Social Security withholding? What’s fair about that? These same people are subject to Medicare withholding on all of their earnings. Social Security withholding should be no different.
Isn’t it time that this Social Security withholding cap travesty be eliminated?
Brian Marsh
Brainerd
Comments (2)
Add commentBrian
In your opinion, people study, work, start a business, so they can contribute more to social security that was started for
a retirement program. They will never now get back even a portion of what they put in.
Look back and see how this program was set up and try to come up with another solution.
If they already pay the max in medicare they definitely will
not get that back. It should be counted as a donation as that is what it is.
Isn't it time the Social Security SCAM be eliminated?
Why are we in trouble now with Social Security? Because the money put into it was never "secure", not in the least. Here's a quick tutorial:
On a daily basis, everything coming into the "trust funds" must be invested in securities guaranteed for both principal and interest by the Federal government.
The cash exchanged for these "securities" goes into the general fund of the Treasury and is indistinguishable from other cash in the general fund. You got that? IOWs, it provides a slush fund for the politicians to play with to buy whatever they want, and once it's spent, as it ALWAYS is, it must be paid off with new revenue (read taxes). If we raise taxes without preventing this diversion of our payroll deductions to the general fund, we will simply be INCREASING the amount we will owe in the future without doing a THING to make that future more secure for those who are relying on Social Security.