I'll be darned, a decent bill...
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Devil is in the details, of course...
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@Mik said in I'll be darned, a decent bill...:
How would lowering taxes on SS extend the life of the fund?
The bill raises the income cap for SS tax from $168K to $250K.
Social Security benefits are also financed through a payroll tax that comes with a cap on higher earnings. Under the current law, Americans don’t get taxed for Social Security on annual earnings above $168,600.
The “You Earned It, You Keep It Act” would continue to fill the trust fund’s coffers by applying a Social Security tax to all earnings above $250,000.
"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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@Mik said in I'll be darned, a decent bill...:
How would lowering taxes on SS extend the life of the fund?
The bill raises the income cap for SS tax from $168K to $250K.
Social Security benefits are also financed through a payroll tax that comes with a cap on higher earnings. Under the current law, Americans don’t get taxed for Social Security on annual earnings above $168,600.
The “You Earned It, You Keep It Act” would continue to fill the trust fund’s coffers by applying a Social Security tax to all earnings above $250,000.
@George-K said in I'll be darned, a decent bill...:
@Mik said in I'll be darned, a decent bill...:
How would lowering taxes on SS extend the life of the fund?
The bill raises the income cap for SS tax from $168K to $250K.
Nope, it keeps the cap from 168-250 and removes it above 250 which I've always considered nonsensical but it might be the only way it's achievable politically.
