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FDR on Social Security
There’s a rumor that liberal Democrat enablers want to ask the rich to pay higher premiums for Medicare. That’s only 25 billion more dollars over ten years. Or 2.5 billion dollars a year. That’s something, but nothing compared to the fair share of Social Security FICA taxes which they are not paying. And, secondly, Medicare is already means-tested, even though the rich pay less than one percent of their income on Medicare premiums. They still get one hell of a Medicare insurance return on their investment.
If you want to ask the rich to pay their fair share of our social insurance programs, remove or lift the exclusion cap on the amount of FICA taxes which people pay toward Social Security. You only save 2.5 billion a year if you raise premiums for Medicare using the Center for American Progress plan. But you could close the gap for Social Security if you just remove the cap on FICA.
Most people could get behind that and push that over the ‘finish line’ politically. Polls show that Americans don’t want to cut social spending. They want to find new ways to strengthen social programs. People say to pollsters, over and over again: Keep Social Security and Medicare as they are. We already pay enough toward Medicare. Low-income people should not have their benefits taken away.
So if Democrats want ‘to warm to’ asking rich people to do more, ask them to pay their fair share of Social Security. Remove or raise the FICA cap. But don’t take my word for it. Here is a worksheet from people who really know how removing or raising the cap would strengthen Social Security for the foreseeable future.
Any changes made should not only sound fair, but they should be fair.
Caricature from Donkey Hotey licensed under Creative Commons
6 Comments
Exactly. Let them get their benefits but also pay their own way.
Rec’d.
Thanks. I am going over to David’s post now so I can get my free anger management lessons/s.
Whenever we ask for fairness, they call us shrill! or baggers!
I watch TYT every evening and let Cenk rage for me. It’s very cathartic. ;-)
if the govt would lower the age for both SS and medicare maybe older workers would get out of the workforce sooner and this allow younger works to get a job. Maybe older workers would take a chance and start their own small business.
that would be a win win but these corrupt basdards are don’t give a damn. I will be 60 in 2 months and would think about leaving corporate America and start my own small buisness but I can’t afford the insurance costs. I am lucky at least I am working as there others who are really stuggling but I know I am one lay off or one major illness away from the poor house
RTFO.
Medicare already is means-tested BTW.
Small biz a ticket to failure in today’s BIG CORP. dominated world. I was a small businessman for 25 yrs. It was hard back when I ran and owned my business and that was 15 yrs. ago. Today I wouldn’t even bother unless I had some good or service that didn’t compete with BIG C. What that might be is beyond me?