The 2008 maximum taxable wage base is $102,000 and all income under that threshold (and none over) is taxed at 6.2% for the OASDI portion of SS. All income, regardless of the level, is taxed 1.45% for the HI, or Medicare, portion of the program.
Everybody, and I mean everybody - the Republicans, the Democrats, the media, the economists, and the Social Security actuaries - agrees that under even the most optimistic assumptions, the contribution (i.e. tax) and benefit structure of Social Security is out of balance, or insolvent, in the long term.
How do we fix it, assuming that we maintain the same basic Social Security program and don't ditch it for a program of private accounts invested in the stock market (the political appetite for that risky option has now apparently completely vanished...wonder why...!)
You either have to reduce benefits or raise tax revenue, both of which can be accomplished in very creative ways.
Play the Game and Fix Social Security!
Off Topic » in reply to re:Taxes
Social Security is a whole separate issue
The whole thread (30 posts)
- I feel a soap box comin' on...
- re: I feel a soap box comin' on...
- I your best self-interest
- Stay cool.
- Choices
- Hey you, my soap's still in that box!
- Hey you, my soap's still in that box!