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To: Buckeye McFrog
The payroll tax will eventually be extended to very high levels of income. Perhaps every last cent. There is simply no political will to address the problem in any other way.

The salary cap on SS contributions has been going up virturally every year save for the period 2009-11. Today it is $113,700 compared to $76,200 in 2000 and $90,000 in 2005.

If the cap were lifted entirely, it would essentially destroy the economy. The employers' matching contribution would hurt many businesses and take a huge amount of money out of the economy. And with about one out of every six Americans working for the government, it would raise the costs of government up as well. Since 1983 all new federal employees have had to join SS. And a sizeable percentage of them make more than 100K a year.

12 posted on 01/03/2013 8:31:18 AM PST by kabar
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To: kabar
The employers' matching contribution would hurt many businesses and take a huge amount of money out of the economy

And it would go out to recipients who would spend it, putting it right back in the economy. Just a matter of who's ox is being gored, and who benefits as a result. Plenty of the usual suspects in the Economist Community can justify it, I'm sure.


13 posted on 01/03/2013 8:39:42 AM PST by Buckeye McFrog
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To: kabar

“If the cap were lifted entirely, it would essentially destroy the economy...”

You DO realize that “destroying the economy” is of no consequence to those in power now, don’t you?

It’s all in the name of “fairness” and “economic justice” now. They probably WANT to “destroy” what they see as an old, outmoded economic system, to be replaced by something of their own designs.

It’s laughable that the “tax cuts” have been made “permanent”. Only until the next time the Obammunists demand “more”....

And right now, the Republican party, at least at the national level, seems to be doing a bang-up job of reducing itself into irrelevance...


18 posted on 01/03/2013 9:23:26 AM PST by Road Glide
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