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To: SeekAndFind

This would be a win-win-win-win for the Dems IMHO.
Baby Boomers who have been paying their FICA all these
years are going to go absolutely ape if anyone tries to change the program just as they are about to reap the benefits.

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.


9 posted on 01/03/2013 7:54:30 AM PST by Buckeye McFrog
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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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