Marshal Grouchy@rbreich
#Raisinging_Social_Security_contribution_base
https://mstdn.social/@MarshalGrouchy/109954478471220884
The payer of Fica taxes need not get a 'fair' return for the program to be fair. Social Security is an insurance program! If a person waltzes into retirement able to fully support himself in the style to which he has become accustomed he need not get back from Social Security what he paid in. During his working life he might have suffered misfortune & Social Security would insure against a retirement in penury.
Marshal Grouchy (@[email protected])
@[email protected] #Social_Security_wage_base_increase_&_future_benefits From a wage indexed average earnings number a beneficiary receives a benefit of 90% of the smallest bracket 32% of the next bracket and 15% of the highest bracket. So increasing the wages and self employment income subject to the Social Security tax should raise more revenue than would be paid out in future benefits ( since benefits are subject to income tax). Also, a final bracket of 8% could be used for the highest earners.