Posted on 06/18/2014 10:29:43 AM PDT by Rusty0604
Two U.S. Senators have introduced the Retirement and Income Security (RAISE) Act.
The bill would increase Social Security payments for divorced spouses, enhance benefits for widows and widowers, and extend eligibility for children of retired, disabled or deceased workers. The additional benefits included in the RAISE Act would be offset by the application of a 2% payroll tax rate on annual earnings over $400,000—an offset that means Social Security will continue to be fully funded, according to a news release by Senator Mark Begich (D-Arkansas), who introduced the bill along with Senator Patty Murray (D-Washington).
“The RAISE Act would ensure that our Social Security system reflects the realities of today’s work force...
Specifically, the RAISE Act: • Enhances benefits for divorced spouses. Under current law, the divorced spouse is only entitled to receive benefits under the former spouse’s earnings if she or he was married for 10 years. Beginning in 2016, the RAISE Act would allow those with less than 10 years of marriage to be eligible for benefits under the former spouse’s earnings
Enhances benefits for widows and widowers.
Extends benefit eligibility for children of retired, disabled or deceased workers. This provision of the RAISE Act applies if the child is in high school, college, or vocational school. Under current law, minor children younger than 18, ... Beginning in 2016, this provision extends benefits for full-time students until the age of 23 if they are a child of a retired, disabled or deceased worker.
Asks those who can most afford it to pay their fair share towards strengthening and shoring up the Social Security Trust Fund. Beginning in 2015, the RAISE Act would apply a 2% payroll tax rate on earnings greater than $400,000, with the threshold wage-indexed after 2015.
(Excerpt) Read more at plansponsor.com ...
Just how long do you think it will be before they declare that they have to move that level down to $200K? Then $100K? Then $50K?
And they still won't have enough.
2% here, 2.5% there, pretty soon you’re talking about real money.
Let’s just cut through all the BS and tax people earning $400,000 or more at 100%. Stop the nonsense about asking the “well off” to pay “a little more” or “their fair share.” That’s not the goal. The goal is to take as much as possible from a political minority to hand out benefits to a large voting block.
Pulp Fiction:”Bring out the Gimp!”
Political Fiction: “Bring out the Gimmes!”
Must be an election year. Time for the Democrats to buy some votes with someone else’s money.
Democrats can’t do math. They can’t do fractions and they don’t understand percentages. They think that anything under 5 percent is microscopic. Two percent, three percent, etc. Two percent of 400K is eight thousand dollars.
The “rich” already had their medicare taxes increased to pay for (other people’s) healthcare. Some states also impose extra taxes on “those that can afford to pay for it the most”.
Noooooo! He needs to give up enough that he and his family don't live any higher than a HS dropout with 3 kids by 3 baby daddies who do not support them.
Is he up to his fair share yet?
Think these morons don't know what they are doing? They don't care because they figure they have theirs no matter what.
They won't get the picture until they have to worry about their own funds.
vaudine
Sort of like Hillary,but they have put all their millions in a trust,their million dollar homes as well so they DONT HAVE TO PAY THEIR FAIR SHARE! But you are evil if you are middle class if you want to keep more of what you earn,what s bunch of stinking hypocrits
The FICA max IIRC is 103K. Are they going to collect the full %age amount from the >400K earners plus an additional 2%? That would make those people eligible for some pretty hefty SSS payments when they retire. I believe the SSS Act is pretty clear that the %age of the payroll tax is equal across the board up to the cutoff. It would seem they would have to rewrite the entire Act to pull this off. Now the idea of my obnoxious cousin having to pay so I can receive 75% of my late wife’s benefit is attractive but it’s unfair and just another attempt to redistribute income. If they want to be fair, my wife paid in 200K and collected 61K before she passed last year. Give me the difference. If it was in a TDA, Annuity, or 401K it would be my money.
And that HS dropout has absolutely no incentive to work towards a better career because if the more money she makes, the less “benefits” she receives.
“That would make those people eligible for some pretty hefty SSS payments when they retire.”
Oh no, they are going to make SS “means tested” so those that put so much in won’t get anything back. Even the conservatives are talking about that.
Stupid and destructive though it may be, raising FICA taxes on the EEEEEEVIL rich to hike benefits polls extremely well. Look for it to become a growing part of the Democrat playbook. And for it to actually happen at some point.
You hit it perfectly.
And of course the regimes’s oligarch friends don’t have much in the way of WAGE income, so they will be unaffected.
I can see this being a big thrust for the 2016 POTUS campaign.
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