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Politics : Formerly About Advanced Micro Devices
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To: koan who wrote (759462)12/26/2013 6:12:33 PM
From: Tenchusatsu  Read Replies (2) of 1575230
 
Koan, SS was originally intended to be a forced-savings program where the more you put in, the more you get out. There is an element of wealth redistribution, but for the most part it was never intended to be the sole income source for retirees.

Of course it's turning out that way for many people who lived most of their lives in or near poverty. These will be the people who will be getting more out of SS than they put in. And their numbers will continue to grow as the population ages and the notion that people don't have to save for their own retirements becomes ingrained from one generation to the next.

Now you can argue that the FICA tax is a regressive one, and that the cap on SS revenues makes no sense. But that was part of the original design of SS, and the sharp progressive curve on income taxes makes up for it anyway. If you want to lift the cap on FICA taxes while keeping the general income tax curve the way it is, you would essentially be raising taxes on the "rich" by 12.5 percentage points. That's a HUGE hike, and it would be equivalent to that stupid 75% "tax on millionaires" that France is trying to pass.

Of course, I don't expect you to get anything I just argued. Your counterarguments amount to nothing more than "I care more than you do." Real easy for you to "care" when you're not raising taxes on yourself.

Tenchusatsu
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