Obama endorses Social Security expansion

[Badger]

They need to raise the age limits and get rid of the stupid ceiling and drop the percentage taken.  Is there any tax (other than maybe cig taxes) that affect the poor so much more than the rich?

I wouldn't call FICA a tax, because you are (theoretically) paying premiums directly into programs that you will benefit from later.

Unadulterated horse$hit. Social Security and Medicare are fundamental bedrocks of our social safety net, not a Christmas Club deposit.

Go on and tell the people paying FICA "Oh, don't worry: It's a PREMIUM you're paying , not a TAX Doesn't losing that nearly 1/6 your paycheck (for everyone earning around $100+k/ year or less) feel better now? And isn't is nice that Donald Trump and Bill Gates pay the exact same dollar amount, let alone percentage, as you?

[Badger]

There seems to be this assumption that "the rich" have enough income to tax away to finance just about everything that might be desirable. The dirty little secret is that folks making from 125K to 300K will have to pony up more in tax payments - substantially more - to make all these dreams come true.

The real "dirty little secret", Torie, is that individuals earning $125-$300k/year, not withstanding the absence of a chauffer or butler in their households, are rich. And un-mistakenly so.

[Badger]

They need to raise the age limits and get rid of the stupid ceiling and drop the percentage taken.  Is there any tax (other than maybe cig taxes) that affect the poor so much more than the rich?

Interesting proposal. I would very much be in favor of that. FICA is a very regressive tax. I still do wish ateast a portion of it, especially the employee contribution portion, should be given to the employee to invest themselves. There should be rules like no investing in individual stocks, mandated Bonds/Stocks ratios at a certain age etc. I think I could make more money just putting that in an index fund tracking the S&P 500 than I would get back as social security benefits.

The problem with that is when the bottom falls out of the market as in 08-09 and the individuals retiring at that point are screwed. They need to keep working (if physically and professionally able) until the market recovers, which could take years. That happened with many people relying on Index Funds and the like during the Great Recession; now imagine that problem accelerated to covering the ENTIRE retiring population nationwide.

When talking about a multi-generational institution, stability and conservative growth is paramount over aiming towards even moderate growth.