With the recent grumblings of the Congressional GOP to cut Social Security and Medicare benefits left and right and the restoration of our Social Security deduction in our paychecks, I came across a fact that I was totally unaware of.
The payroll tax that funds Social Security only comes out of the first $113,000 of income. People earning more than $113,000 annually do not have to pay anything additional for Social Security. All the government would have to do would be to extend the tax to apply to all income levels including those well beyond $113,000 and we wouldn't have to talk about cuts or Social Security running out of money after all the Baby Boomers retire. Unbelievable!
The wealthiest Americans have shown once again that they do not care about the common good. For them common is bad and only rich is good. They do not want to pick-up the bill for Social Security or anything else for that matter. They would rather see the elderly poor and homeless.
The fact there is not politician one getting behind extending the Social Security tax to all income levels is very disturbing to me. It shows that both the Democrats and Republicans are merely puppets of the wealthy.
Already I have seen corporate controlled media blaming recent reportedly sluggish retail sales on the restoration of the Social Security payroll tax. They are quick to point the finger at higher taxes causing problems, but always manage to fail to show how higher taxes particularly on the wealthy would create solutions. Taxing the wealthy to pay for Social Security to would be a great solution to a looming problem.
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