Jul 24, 2016

Chamber Of Commerce Favors FICA Hike In Conjunction With Benefit Cuts

     The U.S. Chamber of Commerce has endorsed an increase in the FICA tax that supports the Social Security trust funds but only in conjunction with benefit cuts and raising full retirement age. This is, I suppose, a step forward for them.


Anonymous said...

Yeah, but they only want taxes to cover 1/3 of the projected shortfall. At least they recognize what should now be obvious - there's no feasible way to "fix" Social Security without increasing revenue. And the longer we wait, the more the solution will have to rely on revenue. So I'm in favor of waiting.

The polls say clearly that a large majority opposes benefit cuts, and is willing to pay higher taxes if necessary. So we shouldn't accept cuts.

Tim said...

The longer we wait, the greater the pain on both sides of the equation. The best thing is to do is to grow the economy.

Anonymous said...

How about lifting the cap, but lowering the rate with no cut in benefits? Just a thought.

Anonymous said...

I am sorry, but whatever happens benefits can not be lowered. They are already too low. If I lost a small percentage of what I get from SSDI I would be in real trouble.

We can start with the government paying back the 3 trillion it stole from the SS Trust Fund to pay for all of this meddling in the Middle East.

Then lift the cap, raise FICA just a little bit and get those 94 million people who want, but don't have full time jobs, back to work.

Tim said...

I think we can all agree that growing our economy would be the best outcome for everyone! Making and buying more quality American products from cars to clothing to pencils instead of cheap, Chinese junk would benefit us all. It would also help if government and business planned for the next decade instead of the next election or next quarter!