As long as SS is around in 2 years, I’m good
IF, and its an unlikely IF, the goverment wanted to make Social Security more fair for all, they would do something like this:
The withholding on SS is 6.2% for employees and 12.4% for self employed, and SS is capped when the individual makes $ 160,200.00 for the year. For example, if you had a job, as an employee, and you made $160,201.00 for the year, you would have had that 6.2% withdrawn each pay perios.
A total of $ 9,992.00 of your wages would have been withhelf for SS.
At a MINIMUM, the rate should be changed to $ 174,000.00 since that is what US Senators and Congressman make. Seems reasonable to me, those who make the laws, be fully taxed on those laws.
This would never happen, BUT, what if they eliminated the top rate and everyone was taxed at 6.2% regard;ess of how much money they made during the year?
Let's use an example of an Executive making $ 1.6 Million a year, he would have withheld
$ 99,324 in SS for that year. Instead of his SS contribution on the year being $9K, it would be $99K.
Then take that example and start looking at those CEO types who are earning $ 20 MIl to
$ 100M a year. It would not rescue a bankrupt system, but it would make it "fair" and would make a helluva difference for many to at least have a chance to withdraw it at a certain age point.
A plain old millionaire is now done having SS withdrawn from his/her salary by the 3rd week in January every year, and no more withdrawn the entire year. And that's looking at it as if they are all employees at the lower 6.2% rate. Does that seem fair?