Fair Enough, but this Impact IS CURRENTLY effecting the great majority of Americans for their total Income.

Why should someone earning 104K pay the full freight, while someone making 208K get out of paying FICA on half their income?

Maybe if everyone paid on all their income, the RATE could be reduced for everyone and the Social Security System wouldn’t be facing insolvency in the future.

If the benefit tops out regardless of the amount paid in, why is it not fair to cap the tax?

gallery,
Your father is a perfect example of the kind of person that SS was designed to help. There are many people working out there that make this country great that do not have pensions, 401K’s or would even have the exposure to financial planning. On the flip side there are a number of people in this country that are unwilling to save enough for retirement. I have been blessed with a great family and career that affords me the opportunity to save for my retirement. I also drive a six year old car with over 100K miles on it. I pay my taxes and my FICA with the understanding that I will not count on it for my retirement. I am a veteran, I put myself through college and grad school. So what is my “fair share”. The more money I earn, the more taxes I pay (at a higher marginal rate), but I my benefits from the government are level. So it is not really a fair share that is wanted, but more because I can pay more.
I don’t mind, because I know that men and women who went before me created the path for me to be successful, and I want to do the same for others.
What guiles me is to be vilified for working hard, doing a good job and getting paid well for it. Democrats or Republicans, Ann Coulter, Rush Limbaugh, Michael Moore want us to hate each other because it makes them rich. I know plenty of good people of both parties, who love this country. period. The media reports what they will get you to watch. Yes, a disjointed rant, but I hope you get what I am trying to say.

Great, which country is it again that practices pure capitalism? Because I’m pretty sure that arranging to bail out companies like Bear Sterns and giving huge corporations welfare checks isnt the hallmark of a true free market.

Now stupid math question: If you have 5 apples johnny takes 4, how many did you loose ?

Concerning younger American citizens, the Social Security superfund, a masterwork of the FDR years, is already an “account with their name on it” as well as the names of millions of other U.S. citizens, in which millions of U.S. citizens have put money into it over their lifetimes so that they and others can enjoy some level of comfort in their senior years and in cases of medical emergencies.

So, Dear John McCain, why are you and so many other Republicans out to destroy Social Security by diverting funds out of Social Security and into your highly speculative privatization scheme?

1. “We should take the cap off of FICA so that millionaires can pay their fair share”. Currently, FICA stops after around $104K, so you are talking about impacting a lot more than millionaires.

Fair Enough, but this Impact IS CURRENTLY effecting the great majority of Americans for their total Income.

Why should someone earning 104K pay the full freight, while someone making 208K get out of paying FICA on half their income?

Maybe if everyone paid on all their income, the RATE could be reduced for everyone and the Social Security System wouldn’t be facing insolvency in the future.

Jeannie See Says:
If he wants to set up private accounts with our names on them then why in the hell are we paying into the system in the first place? Let me keep my money and I will set up my own damn account. At least that way I know I’m getting my money and someone else isn’t charging my account any fees.

But that wouldn’t allow the Finance Industry to rape and pillage. And after all, why would they buy the Repug Party if they didn’t get their “fair” share?

Uh, its not the finance industry that wants to rape and pillage. It is our own politicians. The SEC has a way of dealing with people that take your money and spend it on a bridge to nowhere, or a museum to honor themselves. Wall St may get very rich, and there will always be cheaters, but long term, there is simply no better way to grow your money, and beat inflation.

Second, there are a couple of comments here that I find pretty interesting and I would like to understand the POV better.
1. “We should take the cap off of FICA so that millionaires can pay their fair share”. Currently, FICA stops after around $104K, so you are talking about impacting a lot more than millionaires.
2. “Lets make small adjustments to the SS system like increasing the taxes on the well to do or limiting the wealthy from milking the system for their entire lives. When Ronald Reagan died, he was collecting a SS benefit. He was a multi-millionaire. Why on earth would they need an additional $1200-$1600 per month to live on? Wouldn’t that money be better used by staying in the fund and going to those who need it? There needs to be an income ceiling which reduced SS benefits & the wealthy should pay more into the system” So let me get this straight, people who make more should pay more, but get less benefit? Why do you want to penalize those who have worked hard to achieve something? $100K/year does not make you wealthy, especially if you live in CA.

The US is based on capitalism. Capitalism works. Is it perfect? No way. I realize that Capitalism is an easy target for many people. Some people win and some lose. Losing sucks. Losing your house sucks. There is no denying it. But wouldn’t you like the opportunity to earn it back? I don’t like to lose either, but I will accept if if it means that I have a chance to win.

But that wouldn’t allow the Finance Industry to rape and pillage. And after all, why would they buy the Repug Party if they didn’t get their “fair” share?

“DON”T YOU KNOW YOUR ALL GONNA DIE IF I’M NOT ELECTED?”

I anxiously await the first debate where, I’m certain, his head will explode from frustration at not being able to punt on his policies.

Obama will, no doubt, out class him with every single response.

Should I tell McIIIrd that I actually have such an account?

It’s called a savings account! You can get one at most banks and credit unions! Problem Solved!

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Sorry, RU, I stepped on your post. Didn’t have time to read all of the above. My apologies for your prescient thoughts:-)