Top Senate Democrat proposes Social Security panel

Mar 20, 2013 | Posted by: roboblogger | Full story: philly.com

The Senate's No. 2 Democrat said Wednesday that he's preparing a plan to create a commission to study Social Security's fiscal problems and send a proposed solution to Congress for guaranteed votes in both House and Senate.

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see the light

El Paso, TX

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#1
Mar 20, 2013
 

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Wonder who the Dems will raise taxes on for this?

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

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#2
Mar 20, 2013
 

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Any changes to social security should affect EVERY citizen, including current recipients.

So if they want to raise the retirement age to 70, then all seniors CURRENTLY under age 70 should have to pay back every penny they've received and can reapply for social security when they turn 70.

If they want to change how the cost of living increase is calculated, then it must apply to ALL current recipients as well as future recipients.

Etc, etc, etc.

CURRENT recipients benefited as much as everyone else from the artifically low tax rates which resulted from raiding the excess social security trust funds all those years, so CURRENT recipients must also participate in making the system "solvent" again.
Far Away

Anchorage, AK

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#3
Mar 20, 2013
 

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Well I'm sure this'll fix SS, just like the Debt Commission fixed the debt and deficit. Oh... wait...
Cat74

Palatine, IL

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#4
Mar 20, 2013
 

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Cowardly Democrat wants a panel, or a study that they won't pay any attention to, to cover his dumb behind so he won't be blamed for screwing up S S. Actually, they are so stupid they have no idea what to do. They get paid far more then they are worth, and they still won't do the job.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

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#7
Mar 20, 2013
 
Far Away wrote:
Well I'm sure this'll fix SS, just like the Debt Commission fixed the debt and deficit. Oh... wait...
Let's hope that's the case here too.

Social security is just fine as it is.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

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#8
Mar 20, 2013
 

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The simple solution is to:
1) Eliminate the upper income payroll cutoff.
2) Include Capital gains over 500k in SS tax base.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

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#9
Mar 20, 2013
 
Mr_Bill wrote:
The simple solution is to:
1) Eliminate the upper income payroll cutoff.
2) Include Capital gains over 500k in SS tax base.
Actually ALL capital gains should be treated as regular income and should be taxed as such, including social security taxes.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

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#10
Mar 20, 2013
 
WeTheSheeple wrote:
<quoted text>
Actually ALL capital gains should be treated as regular income and should be taxed as such, including social security taxes.
Basically yes, I was taking a short cut to preserve the one time exemption for sale of a home.

Less than elegant.
Far Away

Anchorage, AK

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#11
Mar 20, 2013
 
You two don't seem to understand that the income limit for SS tax is based on a maximum benefit amount, roughly at the highest level of $110,000/yr as I recall. Why should someone earning more than that pay on all their income above the ceiling?

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

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#12
Mar 20, 2013
 
Far Away wrote:
You two don't seem to understand that the income limit for SS tax is based on a maximum benefit amount, roughly at the highest level of $110,000/yr as I recall. Why should someone earning more than that pay on all their income above the ceiling?
Why shouldn't they?

If every other American pays the FICA tax on 100% of their income, why not those making over $110k?
Far Away

Anchorage, AK

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#13
Mar 20, 2013
 

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I swear it's like talking to a wall with libs. You people argue with stop signs. BECAUSE THE $110k REPRESENTS A UPPER LIMIT THRESHHOLD FOR CALCULATION OF BENEFITS; THAT'S WHY NOT.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

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#14
Mar 20, 2013
 
Far Away wrote:
I swear it's like talking to a wall with libs. You people argue with stop signs. BECAUSE THE $110k REPRESENTS A UPPER LIMIT THRESHHOLD FOR CALCULATION OF BENEFITS; THAT'S WHY NOT.
It can STILL be the upper limit threashhold for calculating benefits.

But that doesn't mean there is no reason they can't be taxed on amounts OVER that.

They'll still collect the same benefit calculated on the $110k.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

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#15
Mar 20, 2013
 
Everyone is taxed on 100% of their income.
Everyone is limited to a maximum benefit calcuated on $110k income level.

Sounds like equal treatment under the law......

“your life is great”

Since: Aug 09

you poop in clean water

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#16
Mar 20, 2013
 
the 110k cap has been in place since the inception of social security.
it should be raised to account for inflation.
.
(just as the minimum wage should be raised to account for inflation)

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

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#17
Mar 20, 2013
 
anneutral wrote:
the 110k cap has been in place since the inception of social security.
it should be raised to account for inflation.
.
(just as the minimum wage should be raised to account for inflation)
Correct, as long as we don't raise the level the maximum benefit is calculated on, otherwise it's just a free savings program for the wealthy.

“Happiness comes through giving”

Since: Feb 08

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#18
Mar 20, 2013
 
see the light wrote:
Wonder who the Dems will raise taxes on for this?
Go to your room, Sluggo. This is an adult thread.

“Happiness comes through giving”

Since: Feb 08

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#19
Mar 20, 2013
 
Cat74 wrote:
Cowardly Democrat wants a panel, or a study that they won't pay any attention to, to cover his dumb behind so he won't be blamed for screwing up S S. Actually, they are so stupid they have no idea what to do. They get paid far more then they are worth, and they still won't do the job.
If we all got paid what we're worth, you'd be begging for kopeks.
plil

Pelham, NY

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#20
Mar 20, 2013
 
Far Away wrote:
You two don't seem to understand that the income limit for SS tax is based on a maximum benefit amount, roughly at the highest level of $110,000/yr as I recall. Why should someone earning more than that pay on all their income above the ceiling?
No, why should he be excused?

“Happiness comes through giving”

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#21
Mar 20, 2013
 
No one has suggested means testing. If you don't need it, don't take it. I would imagine many upper income people would even bow out voluntarily.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

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#22
Mar 20, 2013
 
anneutral wrote:
the 110k cap has been in place since the inception of social security.
it should be raised to account for inflation.
.
(just as the minimum wage should be raised to account for inflation)
When I started working, the income cap was about $30,000. It has gone up with inflation. It is raised from time to time.

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