hey Jackie... about SS

Actually, as of last year and for this year (and probably for the future lest we face a tax hike which would actually just be a return to normal), workers pay in 4.2% of their earnings. However, they get credit in the future as if they'd paid in the full 6.2%. That was the part of the bill that pissed me off the most; it's just a big middle finger to future generations. Congress didn't have the balls to say if you pay in less you get credit for less in the future, they'll just leave it to future generations to try and figure out how to pay for it.

And in the "no good deed goes unpunished" department, some states allow FICA paid to be an itemized deduction, and since it dropped, their state tax bill went up. I had several clients who never owed Alabama until this year.

I forget why the earnings were capped. I think because benefits are capped. But if taxing all earnings would eliminate social security's debt, it should be looked at at least.

Come On Waverunner. Here is a prime chance for the Liberals to be all for a tax on everybody, and everything. Like I said, I am willing to take the hit. And well knowing that I will never get it back.

Possibly the reason you are against this "SS on all income" is because the majority of your income is not W-2 Earned Income.

That makes you a hypocrite. You just want higher taxes when it does not affect you.

And thanks for interjecting your condescending attitude in a otherwise intelligent discussion. You just could not help from resorting to juvenile retoric.

We are looking for solutions. You want solutions, as long as they don't get into your pocket book.

Come On Waverunner. Here is a prime chance for the Liberals to be all for a tax on everybody, and everything. Like I said, I am willing to take the hit. And well knowing that I will never get it back.

Possibly the reason you are against this "SS on all income" is because the majority of your income is not W-2 Earned Income.

That makes you a hypocrite. You just want higher taxes when it does not affect you.

And thanks for interjecting your condescending attitude in a otherwise intelligent discussion. You just could not help from resorting to juvenile retoric.

We are looking for solutions. You want solutions, as long as they don't get into your pocket book. Originally Posted by Jackie S

You're talking crap again.
My trades never take longer than a few hours to a week.
That's SHORT TERM CAPITAL GAIN, taxed AS ORDINARY INCOME.

gee wave, you need to work for the SS Trust Admin and correct their math.

Why can't they just raise the yearly maximum, like in the past? I can remember when I used to be all paid in by June or July and that extra money on my check was like a mid-year raise.

there's several different formulas that reduce the deficit in the fund, the aforementioned eliminate the entire deficit ...

The problem is that in 1967 the Social Security trust fund was ransacked by LBJ and the Congress to cover the cost of the Vietnam war. There has been no trust fund since then. It is all general funds now. Like when Reagan was talked into a small tax increase the Congress increased their spending and the deficit grew. Now if you indict any and all, living or dead, Congressman (women), Senators, and Presidents for embezzlement (that is the stealing or OUR tax dollars meant for OUR retirement) then I might go for an increase or removal of the cap.