Title : It's Great To Be A Senior Now That The US House Is Leaning Left -- March 4, 2019
link : It's Great To Be A Senior Now That The US House Is Leaning Left -- March 4, 2019
It's Great To Be A Senior Now That The US House Is Leaning Left -- March 4, 2019
Open book test.Question: with a left-leaning US House and Bernie Sanders at the top among those running to be the Democratic nominee for president, is it more likely or less likely that US seniors will see better days ahead with regard to social security?
__ better daysAn op-ed from The WSJ helps clarify.
__ much better days
Among the many tax increases Democrats are now pushing is the Social Security 2100 Act sponsored by John Larson of House Ways and Means. The plan would raise average benefits by 2% and ties cost-of-living raises to a highly generous and experimental measure of inflation for the elderly known as CPI-E. The payroll tax rate for Social Security would rise steadily over two decades to 14.8% from 12.4% for all workers, and Democrats would also apply the tax to income above $400,000.I could be wrong, but I believe the "social security tax" levied on employees/workers is a regressive tax.
Wiki suggests that
- social security taxes are regressive
- social security benefits are progressive
The proponents are also sneaky in the way they lift the income cap on Social Security taxes. The Social Security tax currently applies only on income up to $132,900, an amount that rises each year with inflation. But the new payroll tax on income above $400,000 isn’t indexed to inflation, which means the tax would ensnare ever more taxpayers over time. This isn’t a drafting error. Democrats claim they only want to tax the rich but they know there aren’t enough rich to finance their redistribution plans. They want their hooks deeper into the middle class without middle-class voters figuring that out.It should be noted that a lot of these "sneaky" details aren't "sneaky" at all. They are bargaining chips.
Thus Article It's Great To Be A Senior Now That The US House Is Leaning Left -- March 4, 2019
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