Another Tax-the-Rich Plan Introduced in Congress

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. …

..................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!!!

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.

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