Next Great Tax Hike Part 2: Bernie EndorsementsteemCreated with Sketch.

in politics •  2 months ago 

https://twitter.com/SenSanders/status/1206237969792864257

Right now, millionaires and billionaires pay the same amount of money into Social Security as someone making $133,000.

Why does the burden of Social Security taxes fall more heavily on those who make less? That is wrong and it has got to change.

Not gonna lie, I kinda love being right. It's probably a personality flaw. Nonetheless, I wrote an article about this very idea as the Next Great Tax Hike back on May 4, 2019:

https://steempeak.com/taxes/@nealmcspadden/the-next-great-tax-hike

Essentially, if you remove the cap on Social Security taxes you can buy another few years for the broke system of Social Security. So that's going to be a part of the move to "save the system."

Of course, there is no saving the system in the long run as the way it is structured is not actuarily sound. But by cutting benefits, increasing taxes (either direct or through inflation), then you can stretch out the pain.

Investment implications of this could be noticeable as the high earners will have about 13% less wage income from the tax, and that will likely shift compensation packages.

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I still much rather keep that 6.2% they are taxing and shove them into more meaningful investments.

Don't kid yourself, you're paying the employer portion too.

Most people would rather keep the money they've earned. But I think that's a pipedream at the moment.

Yeah...it's just a wishful thinking.

I just wish they'd let me keep my money. I could easily retire a year or two earlier just investing it into either my 401k or some passive investment option managed by a financial advisor.

It would be a lot more than a year or two.

O I know I just like to be conservative.

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