Senators Bernie Moreno and Elizabeth Warren have penned an op ed in the New York Times recommending that the wage cap on the FICA tax that feeds into the Social Security trust funds be removed. This would prevent the trust funds from running out of money for many years into the future.
It’s no surprise that Senator Warren would express this opinion. What’s remarkable is that Senator Moreno would feel the same. He’s a Republican from Ohio. I wouldn’t say the dam is breaking but there’s a tiny crack in it.
The Washington Post has already run an editorial about the Moreno-Warren op ed. They’re aghast. It’s what I would expect from a newspaper owned by Jeff Bezos, one of the wealthiest people on Earth.
They should also devise a way to tax the obscene wealth of the Jeff Bezos types who avoid paying taxes by receiving most of their compensation in the form of investments and capital gains.
ReplyDeleteOr they could do like they have done numerous times and raise the tax on all wage earners. It started at 1 percent but there were 16 workers for every recipient. Now that the ratio is closer to 2 to 1 is a time to raise it 1 percent.
DeleteSSA is a program for workers not a welfare program that the rich subsidize.
You don’t need to raise the percentage. But just eliminating the cap, like with Medicare taxes, wage earners then pay the same percentage on ALL their wages. This additional amount will not break the economy or the high earning individual, but will fund SSA benefits for years.
DeleteWait a minute. How would closing the loophole that allows the ultra-rich to evade taxes make this a welfare state? Do you hear yourself? The word brainwashed comes to mind.
DeleteAgreed we don’t want to make this a welfare program.
ReplyDeleteIt’s not a welfare program if everyone pays the same percentage.
Delete