Taking the cap off Social Security contributions is another item that needs a high priority. Otherwise this excellent program is headed right towards insolvency. Asking for a reasonable contribution from those making over $147,000, which is the current limit (or perhaps $250,000 to give a little wiggle room) is not exactly cruel. Cong…
Taking the cap off Social Security contributions is another item that needs a high priority. Otherwise this excellent program is headed right towards insolvency. Asking for a reasonable contribution from those making over $147,000, which is the current limit (or perhaps $250,000 to give a little wiggle room) is not exactly cruel. Congress, of course, keeps kicking this can down the road, but it can't forever.
And I agree it's a heavy lift. Sure no one wants to pay more taxes, but because frankly those with the money have the means to lie. For example, estates with less than $12 million are exempt from federal income taxes, but a few years ago there was an advertising push to pressure Congress not to have any significant inheritance tax at all. The implication given to the public was that when they died everybody would lose a lot to "the government" is it was better not to "tax the dead." You can expect the same sort of sleights of hand with Biden's proposal, and I'm sure he realizes this will cut down on the final numbers. And then too we have the credulous who believe the rich are somehow worth respecting and listening to simply because they have more stuff (see Trump, Donald J. and the Kardashians). Such folks can be whipped up to help their "betters."
Taking the cap off Social Security contributions is another item that needs a high priority. Otherwise this excellent program is headed right towards insolvency. Asking for a reasonable contribution from those making over $147,000, which is the current limit (or perhaps $250,000 to give a little wiggle room) is not exactly cruel. Congress, of course, keeps kicking this can down the road, but it can't forever.
And I agree it's a heavy lift. Sure no one wants to pay more taxes, but because frankly those with the money have the means to lie. For example, estates with less than $12 million are exempt from federal income taxes, but a few years ago there was an advertising push to pressure Congress not to have any significant inheritance tax at all. The implication given to the public was that when they died everybody would lose a lot to "the government" is it was better not to "tax the dead." You can expect the same sort of sleights of hand with Biden's proposal, and I'm sure he realizes this will cut down on the final numbers. And then too we have the credulous who believe the rich are somehow worth respecting and listening to simply because they have more stuff (see Trump, Donald J. and the Kardashians). Such folks can be whipped up to help their "betters."