Latest Breaking News

TexasBushwhacker

(20,793 posts)

9. Well, there's no such thing as a "legal" Ponzi scheme

Fri Dec 13, 2024, 05:18 PM

Dec 13

Social Security's current solvency problems are created by the income inequality that's been growing for the last 40 years. They figured out a long time ago that in order to remain solvent in perpetuity, 90% of all wages need to be subject to Social Security tax. Right now, I believe it's around 83%. They could eliminate the cap, raise it dramatically, or create an untaxed "window" where incomes up to $200K (for example) would be subject to SS tax, then it wouldn't kick in until over $500K. They could adjust the untaxed window as needed.

They also need to get rid of "stepped up basis" for all heirs but spouses. That's a racket that perpetuates dynasties. I thought we left that behind when the pilgrims came over from England.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

10 replies

= new reply since forum marked as read

Highlight:

O'Malley: Calling Social Security a 'legal Ponzi scheme' is bull [View all] BumRushDaShow Dec 13 OP

Johnson, voted worst Senator, and dumbest, of all time! machoneman Dec 13 #1

Too dumb to understand how insurance works, apparently William Seger Dec 13 #3

Remove the cap - TBF Dec 13 #2

What are "the policies" that limit it for 2.8 million people? TIA. mobeau69 Dec 13 #4

It could be denial of Social Security to people who receive retirement benefits from another source, YodaMom2 Dec 13 #5

My wife did the same in the work place and has teacher retirement,and receives SS Bengus81 Dec 13 #8

This message was self-deleted by its author YodaMom2 Dec 13 #10

The "Windfall Elimination Provision" (1983) passed as an amendment to the Social Security Act BumRushDaShow Dec 13 #6

"Social Security is not on a path for bankruptcy or insolvency," elleng Dec 13 #7

Well, there's no such thing as a "legal" Ponzi scheme TexasBushwhacker Dec 13 #9