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In reply to the discussion: Sanders, Warren propose bill to extend Social Security's solvency for 75 years, increase benefits .. [View all]progree
(10,918 posts)9. As for how it will be paid for, according to the article
In 2022, payroll taxes are applied to income up to $147,000. The bill calls for lifting that cap and applying the Social Security payroll tax to all income of more than $250,000.
Social Security payroll taxes are applied at a rate of 6.2% for both the employer and employee, for a total of 12.4%, which is deducted from paychecks.
The bill calls for having the wealthy pay more through a 12.4% tax on investment and business income. It would also apply levies to certain business income that is not currently subject to payroll taxes.
Under the terms of the bill, more than 93% of households would not see their taxes go up.
Social Security payroll taxes are applied at a rate of 6.2% for both the employer and employee, for a total of 12.4%, which is deducted from paychecks.
The bill calls for having the wealthy pay more through a 12.4% tax on investment and business income. It would also apply levies to certain business income that is not currently subject to payroll taxes.
Under the terms of the bill, more than 93% of households would not see their taxes go up.
No more details on the taxes part in the article
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Sanders, Warren propose bill to extend Social Security's solvency for 75 years, increase benefits .. [View all]
867-5309.
Jun 2022
OP
I started collecting at 62. Yeah less money but I also had a fairly fat IRA and was still working
Bengus81
Jun 2022
#44
get rid of the privatization as well. faild attempt by ronald raygun to privatize the whole thing.
AllaN01Bear
Jun 2022
#8
Well, the SS and Medicare Trustees signed a report saying that it will not be able to
progree
Jun 2022
#24
Progree, we've known for decades that all we had to do was raise the SS tax on
Martin68
Jun 2022
#55
"The government could also stop 'borrowing' from the fund" -- By LAW every dime is borrowed
progree
Jun 2022
#57
progress, thanks for the well-argued and well-documented explanation. I was in error
Martin68
Jun 2022
#58
And thank you. If I left the impression that I don't see any viable way to restore the fund
progree
Jun 2022
#59
I would love a revamp on the amount so it automatically adjusts for inflation as well as a means
cstanleytech
Jun 2022
#27
And how about SS Care Credits for those who must leave the work force to care for loved ones?
Grasswire2
Jun 2022
#37
Why stop at 75 years? Establish SS solvency forever by removing the salary cap altogether
Rocknation
Jun 2022
#54