Dr. Robert Owens Chronicles the History of the Future

Solution to the Social Security Shortfall January 10, 2017

What is the maximum amount you pay into Social Security?

When you have wages or self-employment income that is covered by Social Security, you pay Social Security taxes each year up to a maximum amount that is set by law. That amount has changed frequently over the years. For 2016, the maximum amount of taxable earnings is $118,500.

That means if you have income of two million dollars in 2016 you only pay the Social Security tax on 118,500.

Why in all the razmataz about making the millionaires and billionaires pay their fair share is this never mentioned?  All our Progressive fellow-citizens ever talk about is raising income tax rates which always leaves loop holes for the rich who can afford tax shelters, tax lawyers and armies of accountants while Joe Six Pack pays the new rate.

If the political savants who occupy the seats of power really want to cover the coming Social Security shortfall and make the system solvent for years to come close this loop hole.  Require everyone to pay social security tax on everything they earn including payouts from trust funds, dividends from stocks, interest from bonds, etc.

Just like a flat tax let everyone pay the same rate just level the playing field and let the rich pay on everything they make just as those who make less than 118,500 per year have to.  Problem solved.

Does anyone think this will ever happen?  Does anyone think this will ever even be proposed?  It is just like ending abortion by using the constitutional authority of Congress to limit the jurisdiction of the Supreme Court over abortion and making the abomination of Roe V Wade moot.  The simple solution is never even mentioned, let alone proposed or debated.

It’s like a shell game run by a huckster on a card table in the park.  Move the shells after every election and no one ever finds the pea.

The next time you hear one of our purveyors of the perpetual political ponzi programs say they are going to fix the Social Security shortfall listen carefully for the one solution which would solve the problem.  You will undoubtedly hear the crickets serenade you back into the semi-conscious nearly comatose condition they hope defines the average American voter.

Dr. Owens teaches History, Political Science, and Religion.  He is the Historian of the Future @ http://drrobertowens.com © 2017 Contact Dr. Owens drrobertowens@hotmail.com  Follow Dr. Robert Owens on Facebook or Twitter @ Drrobertowens / Edited by Dr. Rosalie Owens