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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Larry S. who wrote (25970)2/7/2005 6:30:44 PM
From: Tommaso  Read Replies (4) of 110194
 
It sounds to me as if you have a better grasp of the Social Security System than anyone I have read comments by anywhere.

Am I correct that if the cap on wages (set at $90,000 for 2005) that are subject to SS tax were eliminated, the whole underfunding problem would immediately disappear? The best I can tell, it's not a very pressing problem anyway, since if nothing at all were changed, there would be no reduction of benefits until the year 2042, anyway.

I see no reason why people with huge salaries should be exempted from paying the same percentage of Social Seucurity taxes as everyone who makes less money. Why should Ken Lay (and Enron) have been paying less than 1% on his income while your legendary burger flipper's income is reduced by over 12%. Bush better shut his trap unless he wants his higher-income friends paying more SS tax, or so it seems to me.
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