From the Associated Press:
President Donald Trump has scrapped the tax plan he campaigned on and is going back to the drawing board in a search for Republican consensus behind legislation to overhaul the U.S. tax system. ...
One circulating this past week would change the House Republican plan to eliminate much of the payroll tax and cut corporate tax rates. This would require a new dedicated funding source for Social Security. ...
This approach would give a worker earning $60,000 a year an additional $3,720 in take-home pay, a possible win that lawmakers could highlight back in their districts even though it would involve changing the funding mechanism for Social Security, according to the lobbyist, who asked for anonymity to discuss the proposal without disrupting early negotiations. ...
17 comments:
I hope his tax plan dies a quick death like his repeal of the ACA. No good ideas seem be coming from the plan so far.
Cutting much of the tax plan has nothing to do with FICA... Unlike Obama cutting 1% off of the FICA.. Just sayin'...
Glad to hear he scrapped the tax plan he ran on... single parents (including me) were totally screwed by it with a tax increase instead of deduction. But I have no confidence that any tax plan he submits will really help anyone making less than $200,000 a year...
Great! It is about time someone something for working people. I hope it is completely eliminated. Tax food stamp recipients, and welfare.
The root of all evil are them food stamps and welfare. Them immgrents too.
Yeah, get them welfar cheats drivin them cadillacs. Hell, better than my car.
If you eliminate FICA, the how will the benefit rate be decided? Who will be eligible for SSD vs SSI. These are determined by what a worker pays into the system over time. Without the link between wages (via FICA) and benefits, Social Security would just become a welfare program.
Right on $457. Everbody knows its them myanorties getting the welfare. Now my cuzzen DeeWayne he gets the food stamps an d disability but hes legit tho cuz he got a steel plate in his head.
President Donald S Trump and Senator Paul Ryan will fix this. It's time to privatize this thing and turn to the big bank experts to run individual accounts that every American pays into. WE need to get banks like Wells Fargo to open accounts on every American they have a signature on and start getting huge returns. If they can get everyone those four hundred percent annual returns we can all be as rich as Senator Ryan someday, maybe even as rich as our multi-billionaire leader Donald J Trump!
Them immigrants? Sounds like you are a Native American or just plain low-information bigot that either works at a SSA field office or having a family works for one their HR or EEO offices?? Either way, many immigrants are working harder and complaining less. Yet, people who would've claimed to be decent American-born are now coming out in droves to vent shamelessly. Pitiful!!!
Do to lack of details, I don't know how this would work. However, there have been proposals in the past that would continue FICA but would rebate the FICA paid by workers, not the employers' share, on a specified amount of earnings. For example, all workers would get a rebate on the FICA they paid on their first $20,000. This would maintain the dedicated FICA to finance Social Security with the rebate coming from general revenue.
Them immgrents are cumin over the border like a swarm of locust and at takin Amurican jobs and takin all the disability and welfare and you know it is true. They shipped um in to try and vote for Hillary Clinton also in busses and you know thatas true or it woulnt been on the fox news you fool!
want to guess how long it would take Congress to cut benefits to cut SSA spending once that huge pool of dedicated funding (FICA) is cut or eliminated? Once it doesn't look like an earned benefit (DIB and SSI distinction gone if FICA isn't a big part)?
This is all a ploy to move this money into the private sector so huge market players can have more money in the giant casino that are our stock/equities/etc. markets to skim. How stupid are people that they don't see every single instance of large privatization has, at best, resulted in similar service with fewer good jobs delivering it (with the private stakeholders making a mint), but often results in poorer service, fewer (good) jobs to deliver the service, with the only "good" being massive gains for the corps winning the contracts and their executives and shareholders? Oftentimes there ultimately aren't even any savings with the switch to private. We are so stupid as a populace, and we are getting just what we deserve.
I never expected Social Security to be there when I retired. This is just another move in that direction.
Its not?
I am a Christian and a conservative and rarely share my opinion, but your comments hit a nerve. This past election has produced so much hate and that's a lot of what I read from you. PLEASE look at you "spelling". It's so sad that you wrote about immigrants and Americans and you can't spell either one! Speaks VOLUMES!
It looks like quite a few SSA employees and their HR managers of all races..black, brown and of course, white are coming out against immigrants and other foreign-born. This is such a darn shame for a social-mandated agency. May God bless this agency and the USA!
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