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Solution to the Social Security Shortfall January 10, 2017

Posted by Dr. Robert Owens in Politics, Politiocal Philosophy.
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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

 

Comments»

1. Solution to the Social Security Shortfall – The way I see things … - January 10, 2017

[…] Source: Solution to the Social Security Shortfall […]

2. Stephen Birgells - January 10, 2017

Hey Bob! Happy New Year.

Everyone keeps talking about the SSA and that it will not be funded due to more people retiring and less people paying taxes into it. The “sky is falling” mantra from the elite in D.C. claim that 10,000 baby boomer a week are signing up for their SSA benefits. Yet, we are never told how many SSA beneficiaries die every week. The U.S. is basically at a “zero population growth” due to its love of murdering pre-born children in the womb and contraception due to American’s hate of having to take responsibility for someone other than themselves and their desire for sexual hedonism minus the responsibility of conception.

Somewhere along the line within the Protestant ethic people conveniently forget the fact that the main purpose of sexual intercourse is the procreation of children and the continuance of the species.

So while everyone is accepting the sky is falling mantra concerning the SSA the fact is that within 20 years most of the baby boomers currently receiving benefits, such as yours truly, along with those that will be retiring soon will be dead within 20 – 25 years and will no longer be a burden on the tax-payer. Once most of us old bastards are dead the burden resolves itself.

3. shocktroop0351 - January 11, 2017

Why should they have to pay more into something that should be voluntary to begin with? Once they start collecting social security, will their distributions reflect their contributions? You criticize the “progressives”, but this solution sounds pretty heavy handed to me. How about just cancel the whole thing, pay everyone back what they’ve paid in (fat chance) and then allow the individual to save and invest as he sees fit? Or I guess we can just keep having money (which could be used to invest and grow wealth) taken from us by force of law, to maybe be paid back at a later date, if and how the government chooses to.

Dr. Robert Owens - January 12, 2017

You make some good points.


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