Biden's proposed Social Security Changes and their impact

[jon-nyc]

So today social security tax is only paid on your first 160k or so of income (too lazy to Google).

So you pay 6% (between you and your employer) of the wages up to that number and nothing after.

There have been proposals over the year to remove the cap so everyone would pay the 6% on their entire income.

This proposal would reintroduce the tax only on marginal income over 400k.

The the result would be that people making between 160-400 essentially have an exemption from a marginal tax that those above and below have to pay.

[Mik]

I could see a reduced rate past a certain point, especially if they want to keep the maximum benefit lower.

[Doctor Phibes]

@jon-nyc said in Biden's proposed Social Security Changes and their impact:

So today social security tax is only paid on your first 160k or so of income (too lazy to Google).

So you pay 6% (between you and your employer) of the wages up to that number and nothing after.

There have been proposals over the year to remove the cap so everyone would pay the 6% on their entire income.

This proposal would reintroduce the tax only on marginal income over 400k.

The the result would be that people making between 160-400 essentially have an exemption from a marginal tax that those above and below have to pay.

Ok thanks. That seems kind of cynical

[Rainman]

@Horace said in Biden's proposed Social Security Changes and their impact:

@Doctor-Phibes said in Biden's proposed Social Security Changes and their impact:

Excuse my ignorance, but what is the donut hole? It's not a term I'm familiar with.

It's the part of the donut they cut out, making a small round donut. They are typically sold by the dozen at donut shops.

Baker's dozen, or senility? I can't tell which I suffer, I just chomp away. Anyway, I'm glad SOME nice person answered Phibe's question.

[Horace]

@Rainman said in Biden's proposed Social Security Changes and their impact:

@Horace said in Biden's proposed Social Security Changes and their impact:

@Doctor-Phibes said in Biden's proposed Social Security Changes and their impact:

Excuse my ignorance, but what is the donut hole? It's not a term I'm familiar with.

It's the part of the donut they cut out, making a small round donut. They are typically sold by the dozen at donut shops.

Baker's dozen, or senility? I can't tell which I suffer, I just chomp away. Anyway, I'm glad SOME nice person answered Phibe's question.

Thanks Rainman. It's nice to be appreciated for once. I walk the walk when I say that education is extremely important.

[Mik]

Not as important as donuts.

[Rainman]

Hey Horace, don't you owe us all some pics of the garden you planted last spring (but probably upload to the original thread)? Or maybe you already did.
Anyway, I just finished the last donut hole. Tasted like cat fur, really weird.

[Horace]

@Rainman said in Biden's proposed Social Security Changes and their impact:

Hey Horace, don't you owe us all some pics of the garden you planted last spring (but probably upload to the original thread)? Or maybe you already did.
Anyway, I just finished the last donut hole. Tasted like cat fur, really weird.

Sure, have some fig pictures! I have lots.

I’ve also grown several small watermelons. No pics of those. The vines are growing many each, just not at the same time. I pick one and then the vine makes another. They’ve been fruiting for two months. But I think they’re done now after I pick the last two, which are still ripening.

[Mik]

Figs look great. I could have used some last night with lamb tenderloin.