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View Diary: Barney Frank: Save Social Security by making the near rich pay a little more (146 comments)

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  •  You are unusually altruistic. (0+ / 0-)

    And that is absolutely a compliment. But most people in your bracket are not so inclined, and my proposal is as much political as it is actuarial, so as to attract their support.

    •  I don't think so... (3+ / 0-)
      Recommended by:
      Odysseus, MPociask, BusyinCA

      And that's not been my experience, either. And trust me, I work with some pretty conservative folks, most of whom make more than me, but still mostly below $300K. "Free money," as Rabel described it below, pretty much sums it up. The difference - we see it, because our checks aren't so huge that it's entirely unnoticeable - but we also get it that what is a little bonusy to us is really significant to others.

      At higher incomes, where people perhaps "pay" only a check or two per year, maybe it'd be more dramatic. For those of us who pay into it most of the year before we cap out, we know that those extra few hundred dollars (or whatever) isn't a good thing. How can I say "Oh, it's my Christmas present money" when a colleague doing pretty much the same thing I do, but a couple years more junior, doesn't get it? It would make me feel a little slimy to be celebrating that extra bump, honestly, when some of my peers don't get it.

      We're not rich, but we know a bit more about how tenuous paychecks can be, I guess. So raise the cap, and make more people more stable.

      "I like to go into Marshall Field's in Chicago just to see all the things there are in the world that I do not want." M. Madeleva, C.S.C.

      by paxpdx on Tue Jan 08, 2013 at 05:11:30 PM PST

      [ Parent ]

      •  I know what you mean (0+ / 0-)

        I cap out near the end of the summer each year (earlier if I'm doing better) and it almost does feel a little shady.. knowing that almost everyone else is paying

      •  And Rush Limbaugh caps out (0+ / 0-)

        before his first hour of work is done on Jan. 1 of each year.  Just past the first half-hour in fact.

        Assumption 1: The drug-addled gasbag has a $400M annual contract.  I think that's right.

        Assumption 2: The drug-addled gasbag works a 2000-hour year.  That's actually a highly dubious assumption; I suspect it's significantly less.  In which case he caps out well before that first half-hour of work is done on Jan. 1 (okay, Jan. 2, assuming he's back on the air after the legal holiday).

        Those assumptions yield an hourly compensation of $200,000.

        This is a semi-random thought.  If I weren't fatigue-addled myself I'd find a better way of making it on-topic....  but the bottom line, there's no good reason why incomes like this shouldn't be taxed to pay for decent retirements for normal people.

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