Mind and Destiny

“I make no pretension to patriotism. So long as my voice can be heard ... I will hold up America to the lightning scorn of moral indignation. In doing this, I shall feel myself discharging the duty of a true patriot; for he is a lover of his country who rebukes and does not excuse its sins. It is righteousness that exalteth a nation while sin is a reproach to any people.”- Frederick Douglass

Location: Delhi, N.Y., United States

The author and his webmaster, summer of 1965.

Monday, May 09, 2016

Social Security Tax

Social Security was instituted 81 years ago, when the suicide rate among senior citizens has 50 percent higher.  I like Social Security, because it has always paid out benefits, but if you’re a right wing ideologue, who hates government, that doesn’t support your agenda.
On May 4, 2005, billionaire Warren Buffett said: “I personally would increase the taxable base above the present $90,000.  I pay very little in the way of SS taxes.  The rich are winning.  Just take the estate tax, less than 2 percent of all the estates pay any estate tax.  We raise $30 billion from estate taxes.  I would like to hear a Congressman say who they are going to get the $30 billion from if they don't get it from estate taxes.  It's nice to say wipe out this tax, but we're running a huge deficit, so who does the $30 billion come from?  Right now corporate profits as a percentage of GDP in this country are right at the high.  Corporate taxes as a percentage of total taxes raised are very close to the historical low.”
Former President George W. Bush called for a transition to a combination of a government-funded program and personal accounts, that would have partial privatized the system.    President Obama has strongly opposes privatization or raising the retirement age.
In 2008, Americans earning over $250,000 a year, included 2 million millionaires and 482 billionaires.  By eliminating the $90,000 FICA cap on Social Security deductions, the Social Security Trust Fund has acquire more money.
Today, the Social Security tax applies only to the first $118, 500 of your income.  As soon a very wealthy person reaches that limit, they're done for the year.  Some people claim that we should worry about the system going broke.  The solution has been obvious for over a decade.
Florida’s Democratic Congressman Alan Grayson has offered a bill to “scrap the cap.”  But, his bill will never be voted on as long as the Speaker of the House is a Republican.
Congress has failed to act while hard-working Americans see their pensions dwindle and savings decrease.  Now, Paul Ryan and congressional Republicans are proposing cutting Social Security benefits, that 54 million Americans rely on.  For many senior citizens, Social Security is just enough to make ends meet.  A secure retirement should means more than just getting by.


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