Steve’s Barking; Why it’s imperative that we fix social Security NOW!!!

 Social Security is going in trouble as to not paying it’s full benefits in the near future! That near future might be as soon as before the end of this decade ! If the CPI is 5% or more this year and not all workers can me back to work there is big trouble!  Now this year the Social Security trust will be needed to pay Social Security benefits … Now think about it the trust fund has in it over 2.2 trillion dollars or about what the President wants to pay for America’s infrastructure. Now common sense says that what ever we need to borrow and tax twice that amount, once to pay for the infrastructure the other to pay off the debt of the Social Security trust fund…. Fortunately there is away out of this end the cap on the the Social Security Part of FICA. Do not have a donut hole, which would leave too much money not going into the Social Security account…..

*** 6.2 % is what is tax with the cap of 143000 dollars ( payroll tax or a workers tax) x 2 what the employer pays = 12.4%

There have been suggestions that no tax on income between 143,000 dollars and 400,000 dollars not be taxed. That’s 257,000 dollars not taxed at 12.4% = $31,868. Now let’s say that this a couple that’s $63,736. That being said is a lot of money not going into the Social Security trust fund.

** If enough money goes into the Social Security trust fund the borrowing on the open market will be less for essentials such as infrastructure.

*Do not increase the percentage payroll tax to pay for an increase in Social Security, it hurts the working poor the hardest.

 (#) If I had my way I would lessen the burden on the self employed, instead of having them pay 12.4%I would have them 10% or less. ( even though I’ve been told that it’s deducted at the other taxes that one pays, I’m not sure).