The future of Bidenomics: You pay Social Security tax on all of your income?
The future of Bidenomics: You pay Social Security tax on all of your income?
With another four years of Bidenomics, you can be certain that, at the individual and corporate level, a perpetuity tax on Social Security will become front and center.
That’s a hard pass for me. I’d rather opt out of social security. It’s a ponzi scam. If the government had put that into a private account, I’d have millions of dollars in there.
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Currently, everyone earning less than $168,600 ALREADY pays social security tax on all their income.
So... what? 90% of wage earners?
If they increase the cap or remove it. It’s more of my wages stolen. You’re correct. It’s a small group but as I am part of that group, as such I don’t more of my wages stolen.
We live in the same neck of the woods. Do you think our cost of living has went up over the past few years or stayed the same? I’ve seen drastic increases and would like to keep more of my money.
Removing the cap helps ensure SSI stability, so overall, that would be a good thing even if it means 10% of high wage earners have to pay the same rate as the other 90%.
Yes a Ponzi scheme.
That will break under the boomers unless we lift the cap.
Let it. Social security is a sunk cost fallacy.
It’s not worth saving.
If social security collapses, millions of seniors will be destitute, and those of us who have been paying into it all our adult lives will get nothing and riot in the streets.
You don't fully comprehend the ramifications of what you're calling for.
I’d rather take the pay increase then continue funding a Ponzi scheme.
Your pay increase, which isn't an increase, it's merely maintaining the status quo, benefits you and you alone.
Fully contributing to SSI benefits EVERYONE. Surely you can see that difference?
It isn’t my job to pay for everyone else’s retirement. People need to be responsible for their own retirements.
It's your responsibilty, as a human being, to contribute to the betterment of society.
Doing that ALSO benefits you because it ensures that people won't be coming to burn your house down if society collapses.