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View Diary: Why Now is the Time to End the Social Security Tax Loophole (87 comments)

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  •  Let's Fix Wages First (1+ / 0-)
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    Clem Yeobright

    While changing the cap might bring in a little more money, it's not a panacea. The percentage of people making over a million a year is not that high.

    What really would impact funding would be to get wages and employment levels back up to their historic levels. Whenever the Republicans talk about Social Security we need to remind them that it's funded by payroll taxes. That means that if it's suffering it's because workers are suffering.

    Social Security is intended to make employers pay for the actual cost of their labor. That's why it's funded as a percentage of wages.

    And, I don't want a small bunch of rich people funding the system. That would give them enormous leverage over how it's run. Can you imagine that millionaire collecting hundreds of thousands a year when they retire? How are you going to prevent them.?

    We need to focus on the real issues: why are wages so low? Why is the unemployment rate so high? Social Security is just a reflection of those problems, and we have to focus attention on them so that we can stop our defensive battles and go on the offensive.

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