Should the social security payroll tax apply to annual income earned beyond $97,500?
I truly believe that the social security payroll tax should extend to annnual income above $97,500.
People in that tax bracket do not need a tax break. They also don’t need social security benefits.
I know I can hear the argument already: "I paid into it all those years and I’m going to collect."
The social security system is in major trouble. Denying benefits to people in that income level is one way (probably a small one) to help the problem.
I live in a state that has an elderly population and S.S. is a big topic. I knew a guy who was a wealthy farmer who admitted that he didn’t need social security benefits and thought it was wasteful that he received them.
Contrary to popular belief, I wasn’t around when S.S. started, but if I recall it was set up so that seniors could receive monies to help support themselves in retirement years. The theory was that as you retire your income potential greatly drops. Obviously, these days some seniors have reached financial success in their work years.
There are still people who need these benefits, however. You all have heard stories about seniors having to decide between medicine and food due to financial difficulties.
In a way, it sounds like I’m promoting socialism. What I’m promoting is helping poor seniors and for that matter, disabled people survive in a tough financial climate.
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