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DonViejo

(60,536 posts)
Fri Feb 17, 2017, 05:49 PM Feb 2017

Bernie Sanders Proposes Social Security tax hike for wealthy

Source: International Business Times



17 FEB 2017 AT 16:30 ET

With Republicans controlling both chambers of Congress, Vermont Sen. Bernie Sanders proposed Thursday a perhaps futile attempt to make wealthier Americans pay more into Social Security in order to keep the decades-old program solvent, according to media reports.

The former Democratic presidential candidate, along with Rep. Peter DeFazio (D-Ore.), explained the plan that would increase benefits for senior citizens by raising taxes on Americans who earn more than $250,000, The Hill reported.

"Anyone who tells you Social Security is going broke is lying,” Sanders said. “We can increase Social Security benefits for millions of Americans and extend the life of Social Security if we have the political will to tell the wealthiest Americans to pay the same rate as everyone else.”

American workers were contributing 6.2 percent of their annual income to Social Security, but that’s capped at the first $127,000. Sanders' plan also called for income like capital gains and dividends to be taxed in order to keep the program solvent until 2078.

Read more: http://www.rawstory.com/2017/02/bernie-sanders-proposes-social-security-tax-hike-for-wealthy/

21 replies = new reply since forum marked as read
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Bernie Sanders Proposes Social Security tax hike for wealthy (Original Post) DonViejo Feb 2017 OP
Probably wont happen with the Repugnants in charge however down the road once the Dems eventually cstanleytech Feb 2017 #1
Probably? BainsBane Feb 2017 #6
Other than death nothing is 100% certain. nt cstanleytech Feb 2017 #9
Ryan / McCONnell plan to lower corporate taxes and hike consumer taxes. Bernardo de La Paz Feb 2017 #11
Yes I am aware of that but they will not be able to hold power forever, eventually the pendulum cstanleytech Feb 2017 #15
This idea is going to win, in the end. Thank you, Mr. Sanders. n/t Judi Lynn Feb 2017 #2
Your words to God's ear Judi. tenorly Feb 2017 #21
Actually, raising the cap was part of murielm99 Feb 2017 #3
Woot! Go Bernie, make them go on record as keeping this special treatment for the wealthy. JudyM Feb 2017 #4
Talk abt a regressive tax,,,,,,,, SS tax (FICA) is da gold standard! Cryptoad Feb 2017 #5
technically its insurance - as in federal INSURANCE CONTRIBUTIONS ACT Kashkakat v.2.0 Feb 2017 #17
When u figure out why they call it a FICA "tax",,,, Cryptoad Feb 2017 #18
Say what? Kashkakat v.2.0 Feb 2017 #19
Rock on Berns! Glamrock Feb 2017 #7
Has he actually introduced the appropriate legislation? George II Feb 2017 #8
Oh hell yes. But this statement doesn't make sense YOHABLO Feb 2017 #10
It is a nice thought but more than likely it is Doreen Feb 2017 #12
WHAT S with this passivity?????????????? Cripes get up from the computer , PICK UP A PHONE & Kashkakat v.2.0 Feb 2017 #13
Heres the thing - lets get out IN FRONT OF THE coming attacks on SS & medicare, waiting around Kashkakat v.2.0 Feb 2017 #14
Scrap the cap. tenorly Feb 2017 #16
History /background info on SS Kashkakat v.2.0 Feb 2017 #20

cstanleytech

(26,082 posts)
1. Probably wont happen with the Repugnants in charge however down the road once the Dems eventually
Fri Feb 17, 2017, 05:54 PM
Feb 2017

win back the majority then ya it should be done also they should look at raising the draconian cap for earnings for those on disability so they can actually afford to take a part time job and maybe have a decent life because right now they are penalized brutally imo if they try to get a job and if they earn to much they lose the social security check which means they then lose their medical as well.

Bernardo de La Paz

(48,789 posts)
11. Ryan / McCONnell plan to lower corporate taxes and hike consumer taxes.
Fri Feb 17, 2017, 07:44 PM
Feb 2017

It's not a tRump rally on Wall Street, it's a Republicon rally.

cstanleytech

(26,082 posts)
15. Yes I am aware of that but they will not be able to hold power forever, eventually the pendulum
Fri Feb 17, 2017, 08:32 PM
Feb 2017

will swing the other way and the Democrats will regain it hopefully sooner rather than later but still it will happen in time.

tenorly

(2,037 posts)
21. Your words to God's ear Judi.
Sat Feb 18, 2017, 06:49 PM
Feb 2017

We need to scrap the cap - and apply FICA taxes to investment income as well.

JudyM

(29,122 posts)
4. Woot! Go Bernie, make them go on record as keeping this special treatment for the wealthy.
Fri Feb 17, 2017, 05:59 PM
Feb 2017

He's been covering a lot of ground, that guy.

Kashkakat v.2.0

(1,752 posts)
17. technically its insurance - as in federal INSURANCE CONTRIBUTIONS ACT
Sat Feb 18, 2017, 10:13 AM
Feb 2017

Read up on the reasons why it was set up that way.. as opposed to a tax or something coming out of the general revenue pot.... and then get back to us.

All the arguments/reasoning used back then are just as valid now.

Cryptoad

(8,254 posts)
18. When u figure out why they call it a FICA "tax",,,,
Sat Feb 18, 2017, 02:06 PM
Feb 2017

and why it is always listed as revenue in the General Fund,,,,,get back with us...... But technically in the GOP spin world , u are correct.

Kashkakat v.2.0

(1,752 posts)
19. Say what?
Sat Feb 18, 2017, 05:55 PM
Feb 2017

OK fine, call it a tax - it is in the generic sense of the word, though by design it was/is intended to something more akin to an insurance premium.

I think you may be confused by the phrase "gen revenue"? It doesnt refer to the entire pot of $$$$ going into federal coffers..........it means tax or other revenue that is collected by govt for general purposes, as opposed to a trust fund or entitlement which is paid into for specific purposes - eg workers comp, Meidcare, FICA, etc.

BTW, "entitlement" is not the bad work repubs make it out to be. It means simply that since you paid into it you are "entitled" to the benefits. As opposed to welfare programs, which must be allocated out of the general funds and is at the mercy of the political whims of the day.

Hate to break it to you but if youre saying SS is, or should be a welfare program coming out of gen funds - THAT is the right winger POV.

Now, to further confuse the issue there has been in recent years smaller amts of $$$ transfered from gen funds into SS trust fund (eg interest on loans taken out of SS funds) but thats a conversation for another day.

The point is - SS needs to be strengthened, not whittled away or defunded by diverting some $$$ to Wall Street or weakened or made into a welfare program.

All I can say is I wish I lived in the alt universe where AL GORE was president and the FICA funds all went into the lock box.

Glamrock

(11,781 posts)
7. Rock on Berns!
Fri Feb 17, 2017, 06:26 PM
Feb 2017


This is my reply to anyone claiming we need a flat tax. Let's start with Social Security.
 

YOHABLO

(7,358 posts)
10. Oh hell yes. But this statement doesn't make sense
Fri Feb 17, 2017, 07:16 PM
Feb 2017

"American workers were contributing 6.2 percent of their annual income to Social Security, but that’s capped at the first $127,000."

Doreen

(11,686 posts)
12. It is a nice thought but more than likely it is
Fri Feb 17, 2017, 08:00 PM
Feb 2017

going completely away if this administration has its way.

Kashkakat v.2.0

(1,752 posts)
13. WHAT S with this passivity?????????????? Cripes get up from the computer , PICK UP A PHONE &
Fri Feb 17, 2017, 08:03 PM
Feb 2017

CALL YOUR SENATOR/CONGRESS PEOPLE - every day, local nos & DC numbers.
pLEASE!!!!!!!!

(YES SHOUTING!)

Kashkakat v.2.0

(1,752 posts)
14. Heres the thing - lets get out IN FRONT OF THE coming attacks on SS & medicare, waiting around
Fri Feb 17, 2017, 08:06 PM
Feb 2017

to let them shape the message (ie we have to destroy it in order to save it) is too late.

tenorly

(2,037 posts)
16. Scrap the cap.
Fri Feb 17, 2017, 08:36 PM
Feb 2017

Nothing else will do. And besides, why should someone with a $50,000 income pay the same as someone with a $1 million income - or worse yet, someone with a $100 million dividend income, who pays nothing at all.

Kashkakat v.2.0

(1,752 posts)
20. History /background info on SS
Sat Feb 18, 2017, 05:58 PM
Feb 2017

If yall have not read this its actually an interesting read. A lot of the arguments then about how to set it up are just as valid today. Quick, before Paul Ryan notices it's there and takes it down!

https://www.ssa.gov/history/briefhistory3.html

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