Skip to main content

View Diary: Why is "touching Social Security" in any manner a bad thing? (142 comments)

Comment Preferences

  •  We did change Social Security (3+ / 0-)
    Recommended by:
    JesseCW, Eyesbright, lunachickie

    At its inception, the payroll tax was something like 1%.  Now it's 5.5%.

    But, folks, we are making progress, the people who want to attack Social Security have given up on the "social security is insolvent" lie and are now trying to pin the deficit on it.

    The first major change I'd advocate to Social Security is to take it off the balance sheets of the main Federal budget and to adjust the payroll tax annually to ensure its continued solvency (we're talking about 0.25% to 0.5%).  This emphasizes the legal status of Social Security; it is just one more investor in Federal debt.

    •  This is how it worked until 1983. Every few years (1+ / 0-)
      Recommended by:
      lunachickie

      Congress tinkered with withholding.

      Just like they tweak the price of stamps as needed.

      "Furthermore, if you think this would be the very very last cut ever if we let it happen, you are a very confused little rabbit." cai

      by JesseCW on Thu Jan 03, 2013 at 08:04:23 AM PST

      [ Parent ]

    •  The FICA tax rate is 6.2% (1+ / 0-)
      Recommended by:
      lunachickie

      For the employee, and 6.2% paid by the employer. Rather than raise the rate each year, you'd do better to raise the cap on income subject to the tax.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site