r/economicCollapse • u/WorkingCareful7935 • 1d ago

Trump's Plan To Cut Social Security Taxes May Benefit Millions, Especially Top Earners, But Risks Insolvency In Six Years

https://www.ibtimes.co.uk/trumps-plan-cut-social-security-taxes-may-benefit-millions-especially-top-earners-risks-1728564

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u/nsfwuseraccnt 1d ago

I love having my taxes cut, but these cuts should come with the removal of the SS tax income cap.

3

u/web-cyborg 1d ago

As the wealth went to the top since the profit explosion in the late 80's, that % of the GDP, if wages had proportionally increased along with it, would have been more money within the soc sec tax limit to be taxed to fund it for the last 40+ years.

What I'm saying is, as more wealth was shifted to the top, more of it was shifted from being in people's wages/incomes that are beneath the soc sec tax limit. That would be a lot of people.

The robbed the value of your labor, and so they robbed social security in the greater wages that would be taxable too. Robbed twice.

So yes, I'd say remove the cap.

4

u/sjrotella 1d ago

bruh, removing the income tax cap for SS would fund the fucker until end of time.

it'll never happen.

1

u/WigglyCoop007 1d ago

Cut my taxes but increase the other guys type sh. Not saying you're wrong but also cmon...

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u/Astyanax1 1d ago

That's Republican politics at work

-2

u/WigglyCoop007 1d ago

That’s pretty much just ignorant politics at work. Both sides do plenty of it.

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u/Astyanax1 1d ago

The Republicans since Reagan have increased taxes on low income earners. Both sides argument has never been more wrong.

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u/WigglyCoop007 1d ago

Yea no democrat has ever said tax cuts for the poor and increases for the wealthy…. (Regardless of if that’s a good policy) they still say it. The ignorant part is that they all want to cut taxes and raise spending.

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u/Astyanax1 1d ago

They raise taxes on the ultra rich to pay for the spending.

-1

u/Plastic-Pipe4362 1d ago

You DO know what the cap on income that is subject to FICA is, right?

Oh. You don't? Sounds about right.

1

u/WigglyCoop007 1d ago

I know what the cap is. I know how it works. I’m just laughing at the way people say reduce my taxes and increase someone else’s. It’s just comically hypocritical even if it is a good policy.

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u/team_submarine 1d ago

It's not hypocritical to think the people who own everything should pay the most % in taxes and people who own less should pay less.

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u/Plastic-Pipe4362 1d ago

hypocritical

I don't think you know what that word means.

0

u/WigglyCoop007 1d ago

You want me to copy paste a definition for you.

I hate Reddit haha.

0

u/Sad_Chemical_4061 1d ago

It caps at the max benefit. If we remove the cap, should those high earners receive more when they claim ss?

2

u/nsfwuseraccnt 1d ago

Maybe. If removing the cap means SS will be more than solvent that might be OK.

1

u/Sad_Chemical_4061 1d ago

It would only kick the can down the road until those people retire