Dana7360
Diamond Member
- Aug 6, 2014
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You can kiss schemes like social security goodbye, while at the same time dealing with a ballooning elderly population and vanishing working population.
Then social security taxes will have to be imposed on all income. It's only imposed on wages and salary now.
The government will have to start taxing unearned income for social security which I think should have happened a long time ago.
There are a lot of people in America who live off unearned income and don't pay social security taxes. They will have to start paying that tax.
Oh of course! More taxes! That’ll do it.
Now try thinking a little further out.
How is it more taxes? It's already an established tax. It's been around since the 1930s.
All that would happen is more people would pay the tax. People like me, who live on unearned income don't pay one penny in FICA taxes. Or people who like my ex, reach that cap by spring. Many reach it before the end of winter. Then the rest of the year they don't pay a penny. While those in the middle income pay all year long on every penny they make.
As a person who doesn't pay one penny in FICA taxes on my unearned income, I don't think it's fair. People like me should be paying FICA taxes on every penny we make.