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Message
The social security tax cap is going to be lifted before 2033.
Posted on 4/18/25 at 2:52 pm
Posted on 4/18/25 at 2:52 pm
This seems to be consensus among commentators and budget analysts I follow.
In other words, all wages above 168k will face the 12.4% tax increase (with no new ss benefits ) starting around 2030 ,31,or 32. Congress will do this to avoid dealing with the trust fund running out in 2033
What does the money board think? Will this impact markets/economy?
It’s a pretty big tax increase on upper middle households
In other words, all wages above 168k will face the 12.4% tax increase (with no new ss benefits ) starting around 2030 ,31,or 32. Congress will do this to avoid dealing with the trust fund running out in 2033
What does the money board think? Will this impact markets/economy?
It’s a pretty big tax increase on upper middle households
21
Posted on 4/18/25 at 3:17 pm to HailHailtoMichigan!
Congress needs to find a way to offset that like giving high earners who forego social security benefits favorable capital gains tax breaks.
This post was edited on 4/18/25 at 3:19 pm
Posted on 4/18/25 at 3:32 pm to HailHailtoMichigan!
They gotta keep the Ponzi scheme alive.
Posted on 4/18/25 at 4:26 pm to HailHailtoMichigan!
Great can’t wait to pay 30k into social security tax every year 
Started going into savings mode a few months ago to try and knock off some years on my retirement age or at least be able to have an easy job working at a gun store.
Started going into savings mode a few months ago to try and knock off some years on my retirement age or at least be able to have an easy job working at a gun store.
This post was edited on 4/18/25 at 4:29 pm
Posted on 4/18/25 at 4:46 pm to Semper Gumby
Is the downvote because you don’t believe it’s a Ponzi scheme?
Posted on 4/18/25 at 5:13 pm to HailHailtoMichigan!
quote:I haven't seen anyone say that. Please post sources.
This seems to be consensus among commentators and budget analysts I follow.
Posted on 4/18/25 at 5:19 pm to achenator
Marc Goldwein
Bryan caplan
Peter schiff
Jason furman
Jessica Riedl
Jeff stein
Erica York
To name a few
Bryan caplan
Peter schiff
Jason furman
Jessica Riedl
Jeff stein
Erica York
To name a few
Posted on 4/18/25 at 5:24 pm to HailHailtoMichigan!
google searched the first one a bunch of "could do"
LINK
LINK
Posted on 4/18/25 at 6:05 pm to HailHailtoMichigan!
quote:
What does the money board think?
I will be retired by then. Do what u Baws have to do to fund me. I did my part.
This post was edited on 4/18/25 at 6:06 pm
Posted on 4/18/25 at 6:44 pm to Artificial Ignorance
quote:
I will be retired by then. Do what u Baws have to do to fund me. I did my part.
Preach it brother! I'm 71 and drawing SS and some of you baws spending way to much time on this board when you could be working that 2nd job
In all seriousness, raising taxes won't do it. Congress will have to grow a set and raise the retirement age and probably means test. I really think Bush 43 had a good idea that some small portion could be invested in the stock market in a some sort of broad index fund. No easy answers because the math is so upside down.
Posted on 4/18/25 at 6:51 pm to HailHailtoMichigan!
quote:Then every one of them will get thrown out on their ear ... deservedly. Plus I'm not sure such stupidity could withstand the inherent legal challenges.
In other words, all wages above 168k will face the 12.4% tax increase (with no new ss benefits ) starting around 2030 ,31,or 32. Congress will do this to avoid dealing with the trust fund running out in 2033
Posted on 4/18/25 at 7:53 pm to HailHailtoMichigan!
I really would hate to know how much cash I would have if all of the SS taxes I paid into the system were properly invested over the last 30 years......I think the number would scare you.
PS: the US Government does not handle money very well.
PS: the US Government does not handle money very well.
Posted on 4/18/25 at 9:07 pm to HailHailtoMichigan!
That's crap
Posted on 4/18/25 at 10:36 pm to HailHailtoMichigan!
If they would have just left ss alone, it probably would’ve worked. They started letting people get benefits who didn’t pay into the system. Now they cry?
If left alone, ss would ebe and flow to the rise and decline of our various generational population numbers. Baby boomers who take a lot out, but they paid a lot in. Gen X would not pay as much as their generation is smaller, and millennials would begin the increase again.
If left alone, ss would ebe and flow to the rise and decline of our various generational population numbers. Baby boomers who take a lot out, but they paid a lot in. Gen X would not pay as much as their generation is smaller, and millennials would begin the increase again.
Posted on 4/19/25 at 6:44 am to bigjoe1
quote:All reasonable stuff. But the Congressional target will be raising the payroll tax and eligibility age.
Congress will have to grow a set and raise the retirement age and probably means test. I really think Bush 43 had a good idea that some small portion could be invested in the stock market in a some sort of broad index fund.
The government borrows money by offering lenders an IOU debt obligation ... bonds, notes T-bills. Rates offered on those instruments are determined by supply-demand. The fact that every penny of SS contributions are immediately converted to IOU debt obligations (Which at this stage exceed SS outlays $2T) means that is $2T less the government has to borrow on the open market. In turn, the supply-demand equation shifts so that government can borrow at lower rates. That was the intent of SS since its inception in the 1930's. It has always been a government borrowing program marketed as a retirement benefit
Anything pulling money out of SS (e.g., W's index fund, buyout/shutdown, privatizing, etc) runs counter to the premise.
This post was edited on 4/19/25 at 6:47 am
Posted on 4/19/25 at 7:04 am to HailHailtoMichigan!
Just let me opt out of social security so I can get that money in my check and invest it myself and let the low iq idiots rely on social security.
Posted on 4/19/25 at 9:13 am to HailHailtoMichigan!
It really depends on who wins the next elections which depends on the tariff/dollar plan working quickly. If Dems sweep, they will tax their way out of it. If it is split there will a combo of taxes and cuts or raising the age. If maga wins, disability and death benefits for minors goes away. The plan radically changes.
Posted on 4/19/25 at 10:32 am to HailHailtoMichigan!
quote:
all wages above 168k
Basically every married couple with a good job.
I wish they'd disband it and just put it into an account for the person putting the money $. It's absurd really they rob people their entire lives and it's not even passed down to anyone, just goes into the system. Oh, you die before you can claim it? Too damn bad.
Posted on 4/19/25 at 10:35 am to Billy Blanks
quote:
all wages above 168k
quote:
Basically every married couple with a good job.
That's not how it works.
Posted on 4/19/25 at 11:51 am to VABuckeye
True, but I can tell you right now that in states like California and in booming suburban areas like Atlanta and Dallas, lifting the cap would hit the upper middle class hard.
That’s a whole lot of tech workers, doctors, lawyers, hr professionals, etc who would be seeing a large increase in their taxes
Social security activists would portray it as a tax on the rich, but in reality, very few people would are millionaires earn outright wage income at that level.
That’s a whole lot of tech workers, doctors, lawyers, hr professionals, etc who would be seeing a large increase in their taxes
Social security activists would portray it as a tax on the rich, but in reality, very few people would are millionaires earn outright wage income at that level.
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