This is an important commentary. Angry Bear through the efforts of Bruce Webb and Dale Coberly had put together the Northwest Plan which was sent to Congressional Rep. Peter DeFazio. He in turn presented it to Social Security. We did get an answer back . . . the plan was workable.
The plan was to raise the tax for individuals and companies one tenth of 1% a year for 10 years for individuals and companies. Such an increase would be as little as $1 per week for individuals. Companies would see similar. From this amount, you would see 75 years of funding. A total of 2% under today's limits.
Of course if the cap was raised, solvency would be seen much sooner. Just a heads up Merrill.
It makes no sense to raise the Social Security payroll tax on individuals (and businesses) when lifting the cap or imposing the increase only on very high earners would do the job. Every change in tax policy has equity implications. We must take into account the rapid growth of income inequality over the last four decades before making any changes to the payroll tax, which, because it is a flat tax, hits lower-income employees the hardest.
Hi Merrill:
This is an important commentary. Angry Bear through the efforts of Bruce Webb and Dale Coberly had put together the Northwest Plan which was sent to Congressional Rep. Peter DeFazio. He in turn presented it to Social Security. We did get an answer back . . . the plan was workable.
The plan was to raise the tax for individuals and companies one tenth of 1% a year for 10 years for individuals and companies. Such an increase would be as little as $1 per week for individuals. Companies would see similar. From this amount, you would see 75 years of funding. A total of 2% under today's limits.
Of course if the cap was raised, solvency would be seen much sooner. Just a heads up Merrill.
Bill
It makes no sense to raise the Social Security payroll tax on individuals (and businesses) when lifting the cap or imposing the increase only on very high earners would do the job. Every change in tax policy has equity implications. We must take into account the rapid growth of income inequality over the last four decades before making any changes to the payroll tax, which, because it is a flat tax, hits lower-income employees the hardest.