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Old 05-07-2021, 10:21 AM   #81
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Thanks for the clarification CRLLS.

Often when I see proposals for additional bend-points, it usually ends up with a good portion of my earnings that were in the 32% bracket being reclassified to a much lower percentage.

I guess I am personally sensitive to this. FWIW, DW and I combined are currently looking at ~ $85,000 / year in inflation adjusted SS benefits starting ~ 13 years from now.

-gauss
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Old 05-07-2021, 11:11 AM   #82
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I get it. The hair on the back of my neck raises every time I hear the term "fair share" used in related to any new taxation. Who do they think already pays the lion's share? SS needs something to ensure it's continued success. If we are going to ask the income limit for SS taxation to be raised, we should at least give those affected people some small financial token of gratitude. Does someone with a $1,000,000 average annual income get an EXTRA >8,200+ dollars per month in his/her SS benefit? I really don't think so. Somewhere there needs to be a compromise I think.
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Old 05-07-2021, 03:26 PM   #83
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Quote:
Originally Posted by CRLLS View Post
One may or not agree with taxing income with no maximum. And if they are included, whether that higher average income should be included in the monthly benefit at a 15% level. My suggestions was there should be a compromise of sorts with no limit on income taxed and a much lower 4th level added, but not zero, benefit from that higher income starting at todays "maximum" income taxed.
Two sources that many people consider credible (Robert Reich and the Motley Fool) have stated indignantly that people who make over the SS cap aren't paying the SS tax on wages above the cap. Reich proposed applying it to 100% of wages in order to bolster SS. Neither noted that the current SS formula also does not count any wages over the cap in determining benefits, either.

And maybe the SS contribution over the current cap could be at a lower rate but still provide some small extra benefit above that bendpoint, as you suggested.

I pointed out to the friend on FB who posted the Reich video that he omitted a few facts and that it would be comparable to my saying that I was a widow, haven't worked for 7 years and have less than $100 in my wallet. All of which is true.
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