Social Security Question

We all know that social security is running out of money. But people who earn over $97,500 stop paying into social security. Why?

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Category:

People & Blogs

Tags:

• Social
• Security
• Debates

[sirly1]

Why should people that make more money be punished by paying more for social security? They aready pay 96.70% of ALL income taxes! What more do you want? The goverment is not for handouts.

[NancyMcD]

When I started working, my dad explained to me that if I was lucky, I would pay much more into social security than I would ever get out. Well, I've been very lucky and I understand that social security is for those who are less fortunate.

[PamelaRP]

SS is almost bankrupt now and it is running out due to rampent fraud and abuse in the system here in Oregon. Met someone here that was getting 5 SS checks and had nothing at all physically or mentally wrong and jumped off the bus with no problems and was screaming at me because she had to go to a DBT day treatment program in Hillsboro oregon. Until things change it will not get any better and feel the real people who need it cannot get it at all. I cant get it and cant walk!!!

[BrittPhillips]

Who wouldn't want to bank $43,945.75 in 30 days with ZERO investment? Passive Income Advice [dot] com.

[Antiworld23]

Thank you.

[Antiworld23]

You know what, I'm investing in in a good 401K and building a good pension now while I'm young. This social security mess is primarily the fault of the worthless boomer generation, I say cut unless they served in the US military, cut their asses off.

[robert0380]

VERY few people understand this.  No politician will explain bend points and why the tax cap is 97,500. People just want taxes raised without really caring about the economical consequences of such an idea.

[AndrewKH85]

sounds like a reason to strive for a $98,000 salary!

whats up with it is that this country sucks.

[sbourg55]

"What's Up With That?" Well here's what's up: no one gets benefits calculated on pay over $97,500!! Simple as that!! Social Security is PAY-RELATED........and it's already screwing the people who make between $50,000 and $97,500 because of the "bend point" calculations. SS is 90% of the first $10k of AIME, 32% of AIME to $50k and 15% of AIME to $97.5k. Check out the formula. And if people making over $97 have to start paying the 6.2% x 2 tax, our whole economy's screwed!!!

[joemo75]

Over taxing the job creators IS NOT the right way to fix Social Security. Damn, another lame question from a nanny-stater.

[Klashbash]

Eliminate Social Security. We're all adults, we should be responsible for our own retirement.

[NancyMcD]

It sounds like you qualify for a refund. If you use TurboTax, it flags over-payments to social security for a refund. (There is no cut-off for medicare payments that I am aware of. So make sure you are looking at the social security line item and not the medicare line item.)