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Another Tax-the-Rich Plan Introduced in Congress
Cybercast News Service ^ | March 8, 2013 | Susan Jones

Posted on 03/08/2013 9:59:55 AM PST by Olog-hai

Congressional liberals aren’t done taxing wealthy Americans.

On Thursday, Sens. Bernie Sanders (I-Vt.) and Rep. Peter DeFazio (D-Ore.) introduced the Keeping Social Security Promises Act, which asks the wealthiest Americans to “pay their fair share into the fund.”

“The people on top are doing phenomenally well,” Sanders told a news conference on Thursday. “It is time to ask them to help us, in this case with making sure Social Security is there for our kids and grandchildren.”

The bill would require those with yearly incomes of $250,000 or more to pay the same 6.2 percent payroll tax that is currently assessed on those who earn up to $113,700 a year. …

(Excerpt) Read more at cnsnews.com ...


TOPICS: Constitution/Conservatism; Government; News/Current Events; US: District of Columbia
KEYWORDS: liberalagenda; protectionism; punitivetaxes; recession; socialsecurity; ssfraud; taxtherich; trusfundraid
Of course, Congress never could promise never to raid the Social Security trust fund, could they.
1 posted on 03/08/2013 9:59:55 AM PST by Olog-hai
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To: Olog-hai

Been there, done that.


2 posted on 03/08/2013 10:05:17 AM PST by Safetgiver ( Islam makes barbarism look genteel.)
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To: Olog-hai

if they pay more into the system, they should get a larger SS check, right?
Fair share? Harumph.


3 posted on 03/08/2013 10:08:12 AM PST by griswold3 (Big Government does not tolerate rivals.)
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To: Olog-hai

Will their social security benefit be increased accordingly? I highly doubt it, not that it really matters - this is merely an attempt to redistribute the wealth of successful Americans.


4 posted on 03/08/2013 10:10:25 AM PST by my4kidsdad
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To: Olog-hai

Congress NEVER should have been able to touch the funds to begin with.....that being said, I sort of agree with him. It is my understanding that once you reached a certain level (annual pay and paying) you DO NOT pay any more into Social Security for the year....
“Maximum Total Contribution to Social Security”
So the person making say 500,000 is not paying into SS on that whole dollar amount. This I think needs to change. I think the whole annual salary is looked at when you come to collecting SS (maybe there is a cap at what they pay back) but the paycheck should included SS deduction no matter what the salary is.


5 posted on 03/08/2013 10:11:09 AM PST by blueyon (The U. S. Constitution - read it and weep)
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To: Olog-hai

The next proposal will be to make all income, rather than just wage income, subject to the 6.2% tax. That would include dividends, capital gains, interest, you name it. The monster is insatiable.


6 posted on 03/08/2013 10:25:25 AM PST by Pearls Before Swine
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To: Olog-hai

Barry’s Socialist freeloader utopia cannot exist without “the rich” subsidizing it.


7 posted on 03/08/2013 10:26:36 AM PST by FlingWingFlyer (Progressive, Marxist liberals do not evolve, they morph into fascists.)
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To: Olog-hai

I’m waiting for the day when some conservative will propose a “Social Security phase out plan”, that would limit those entering the system to minimum wage employees only, with everyone else being exempt, unless they “opt in”, that had to be entirely voluntary and could not be a requirement for employment.

Imagine the howls among the leftists, when even the possibility of a phase out of their beloved “universal retirement system” and “more money for us to spend” is even mentioned.


8 posted on 03/08/2013 10:30:27 AM PST by yefragetuwrabrumuy (Best WoT news at rantburg.com)
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To: Olog-hai

The problem isn’t with the Social Security program, the problem is with crooked, greedy, venal, lying politicians.

Here is some info copied directly from the Social Security website:

http://www.ssa.gov/history/hfaq.html

Q24: How much has Social Security paid out since it started?

A: From 1937 (when the first payments were made) through 2009 the Social Security program has expended $11.3 trillion.

Q25: How much has Social Security taken in taxes and other income since it started?

A: From 1937 (when taxes were first collected) through 2009 the Social Security program has received $13.8 trillion in income.


9 posted on 03/08/2013 10:32:00 AM PST by Iron Munro (I miss America, don't you?)
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To: yefragetuwrabrumuy

Heh. That will be right on the heels of the Interstate Highway Trust Fund Phaseout Plan . . .


10 posted on 03/08/2013 10:33:25 AM PST by Olog-hai
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To: blueyon

The reason you don’t pay into it over a certain income is that it was started as a suppliment to your retirement and a safe guard for those that did not save for retirement (as opposed to a huge wealth distribution). The benefits are capped so you will not collect anymore in benefits even if you paid so much more in. So how can confiscating another 6.2% out of higher income workers be “fair”?


11 posted on 03/08/2013 10:34:56 AM PST by Rusty0604
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To: Rusty0604

As a sole prop, I already pay twice. So now, old blue wants me to pay three times. Maroon.


12 posted on 03/08/2013 10:48:55 AM PST by SgtHooper (The last thing I want to do is hurt you. But it's still on the list.)
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To: blueyon

there is a cap on SS so the guy who pays in at $113,000 gets capped at the same top amount of SS as if he paid in for $250K

So this is just a tax increase

and furthermore, if I was under 50 and the US keeps getting socialist I would still never expect to see a dime because by then it will be means-tested

the good thing would be that Joe Biden would stop drawing a SS check


13 posted on 03/08/2013 10:50:17 AM PST by silverleaf (Age Takes a Toll: Please Have Exact Change)
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To: FlingWingFlyer

Congress and Barry exempt right?


14 posted on 03/08/2013 10:51:42 AM PST by Foolsgold (Those who are too smart to engage in politics are punished by being governed by those who are dumber)
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To: Olog-hai

This will eventually pass. It’s the only fix to the SS mess that will summon enough support to get through.


15 posted on 03/08/2013 10:53:48 AM PST by Buckeye McFrog
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To: SgtHooper

It’s infuriating.


16 posted on 03/08/2013 10:54:18 AM PST by Rusty0604
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To: Buckeye McFrog

Eventually, I suppose. This has been proposed almost every year the past 5 years and I believe before that too. One other proposal I have’t seen in a couple years is making net income from S Corporations passed through to the shareholders subject to social security, similar to certain income passed through to partners in a partnership.


17 posted on 03/08/2013 11:10:30 AM PST by my4kidsdad
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To: Olog-hai
On Thursday, Sens. Bernie Sanders (I-Vt.) and Rep. Peter DeFazio (D-Ore.) introduced the Keeping Social Security Promises Act, which asks the wealthiest Americans to “pay their fair share into the fund.”

Right now someone who is retiring after a career of earning at or above the cap (and therefore paying the maximum SS tax) will receive 33% more than someone who earned and paid at half the cap. Make twice the "contribution" and get only 33% more payout. You could never sell an insurance plan like that. It seems like the wealthiest are already paying vastly more than their fair share.

The bill would require those with yearly incomes of $250,000 or more to pay the same 6.2 percent payroll tax that is currently assessed on those who earn up to $113,700 a year.

So will their benefits be uncapped also? Will Bill Gates get a multi-million dollar monthly SS check when he hits 65?

18 posted on 03/08/2013 11:22:56 AM PST by KarlInOhio (Choose one: the yellow and black flag of the Tea Party or the white flag of the Republican Party.)
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To: Olog-hai
As I have mentioned in related threads, Thomas jefferson had noted that, in his time, the rich uniquely paid federal taxes.
"The rich alone use imported articles, and on these alone the whole taxes of the General Government are levied (emphasis added). … Our revenues liberated by the discharge of the public debt, and its surplus applied to canals, roads, schools, etc., the farmer will see his government supported, his children educated, and the face of his country made a paradise by the contributions of the rich alone, without his being called on to spend a cent from his earnings." --Thomas Jefferson to Thaddeus Kosciusko, 1811.

But also note that Justice John Marshall had also officially clarified that Congress is prohibited from laying taxes in the name of state power issues, essentially issue which Congress cannot justify under the Constitution's Section 8 of Article I.

"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." --Justice John Marshall, Gibbons v. Ogden, 1824.

And if the federal government were to respect it's constitutionally limited powers to tax and spend, then the tax burden for running the federal government might still be on the shoulders of the rich and corporations.

19 posted on 03/08/2013 11:50:58 AM PST by Amendment10
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To: KarlInOhio

Do the US Congress and Senate pay SS tax?
The president?
Its only their fair share we are after


20 posted on 03/08/2013 12:41:05 PM PST by silverleaf (Age Takes a Toll: Please Have Exact Change)
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To: silverleaf
Do the US Congress and Senate pay SS tax? The president?

According to http://www.ssa.gov/history/hfaq.html they do have to pay.

21 posted on 03/08/2013 12:57:34 PM PST by KarlInOhio (Choose one: the yellow and black flag of the Tea Party or the white flag of the Republican Party.)
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To: Iron Munro

..................Q24: How much has Social Security paid out since it started?

A: From 1937 (when the first payments were made) through 2009 the Social Security program has expended $11.3 trillion.

Q25: How much has Social Security taken in taxes and other income since it started?

A: From 1937 (when taxes were first collected) through 2009 the Social Security program has received $13.8 trillion in income...................

Great info!

That means if past congresses hadn’t confiscated our SS funds years ago by unlocking our “lock box”, the $2.5 trillion between revenues and paid benefits would have been invested within the SS system.

If that $2.5 trillion excess were invested today at, say 4%, the SS system would have earned $100 billion, last year alone, in investment income.

Who knows how much could have been earned over the years before Congress ripped us off!!!


22 posted on 03/08/2013 2:13:02 PM PST by Noob1999 (Loose Lips, Sink Ships)
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To: blueyon

I’ll give benefit of doubt and consider that ignorance of the facts can be corrected:

1. Both SS and Medicare are means tested already. The person who paid the maximum into SS will likely get very little and will surely get less than the person who paid in half the amount. Successful people tend to continue working and so don’t get SS at all in many cases. At least they pay it all back in taxes if they get any.
2. SS is a supplemental retirement and was not considered primary so NO, people in the upper income brackets don’t get more and (see #1 above) probably get less and it was designed that way because they don’t need it... they took care of themselves.
3. A successful person would not be so quick to “take from each according to his means and provide to each according to his needs.” I think that is still a Marxist principle but seems to be becoming a warped state of Americanism.
4. A responsible person would not be so quick to expect someone else to take care of him or her or whatever.

BTW... THERE IS NO LIMIT TO THE MEDICARE TAX. IT IS CHARGED ON EVERYTHING... 2.9% now for a self-employed person and a new obastard care surtax. Medicare insurance premiums ARE means tested and if you make more you pay more, a lot more in spite of having already paid in MUCH MORE.

Self-employed people pay 12.4% SS or FICA on all dollars up to the $113k.

Look at the facts of how much tax is actually paid by you and FOR you already... assuming someone who is not self-employed would not be aware of these taxes paid for him already.

http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/240/~/social-security-and-medicare-tax-rates%3B-maximum-taxable-earnings

I hope some are successful enough one day to wear the shoe on the other foot. I would also like to be around to see them have to eat their words.


23 posted on 03/08/2013 3:31:06 PM PST by Sequoyah101
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To: Olog-hai
...Sanders told a news conference on Thursday. “It is time to ask them to help us...

It cracks me up the way these scumbag communists "ask" for more taxes when what they mean is "confisctae" more taxes at the point of a gun.

24 posted on 03/08/2013 3:41:30 PM PST by Lancey Howard
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To: Olog-hai

“confisctae” s/b “confiscate”, obviously.


25 posted on 03/08/2013 3:42:14 PM PST by Lancey Howard
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