CastlevaniaNut18 Posted August 3, 2018 Share Posted August 3, 2018 Great! Now let's just get the president and congress to do this! Quote Link to comment Share on other sites More sharing options...
GoldenTongue Posted August 3, 2018 Share Posted August 3, 2018 15 hours ago, SFLUFAN said: As @b_m_b_m_b_m said in the Discord server, Social Security IS the correct "mechanism" for paid paternal/maternal leave, but it needs to be PROPERLY FUNDED through TAXES. Which brings me back to my now standard mantra: ELIMINATE. THE. TAXABLE. SOCIAL. SECURITY. EARNINGS. CEILING. But but but...I enjoy the articifical pay bump I get every year once I hit the federal cap. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted August 3, 2018 Share Posted August 3, 2018 Just now, GoldenTongue said: But but but...I enjoy the articifical pay bump I get every year once I hit the federal cap. Yes, I do as well, but we must sacrifice for the greater good. Quote Link to comment Share on other sites More sharing options...
mclumber1 Posted August 3, 2018 Author Share Posted August 3, 2018 Just now, SFLUFAN said: Yes, I do as well, but we must sacrifice for the greater good. If we are going to remove the cap on social security taxes, why even have a separate SS tax in the first place? Just roll it, along with Medicare/Medicaid into general income tax and raise the rate. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted August 3, 2018 Share Posted August 3, 2018 Just now, mclumber1 said: If we are going to remove the cap on social security taxes, why even have a separate SS tax in the first place? Just roll it, along with Medicare/Medicaid into general income tax and raise the rate. Because I don't trust the Federal government with not co-mingling the revenue intended for the trust funds with that intended for general appropriations. If there was a way to ensure that the compartmentalization could be maintained, then I'd be in favor of that. Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted August 3, 2018 Share Posted August 3, 2018 1 minute ago, SFLUFAN said: Because I don't trust the Federal government with not co-mingling the revenue intended for the trust funds with that intended for general appropriations. If there was a way to ensure that the compartmentalization could be maintained, then I'd be in favor of that. I think it's also part of the reason these things are popular: you see in your check that x amount is being paid to social security and Medicare, so you know where that's going. Federal withholding is just a bunch of ????? Quote Link to comment Share on other sites More sharing options...
GoldenTongue Posted August 3, 2018 Share Posted August 3, 2018 13 minutes ago, SFLUFAN said: Yes, I do as well, but we must sacrifice for the greater good. Who hacked SFLU's account? Quote Link to comment Share on other sites More sharing options...
Chris- Posted August 3, 2018 Share Posted August 3, 2018 18 minutes ago, SFLUFAN said: Yes, I do as well, but we must sacrifice for the greater good fulfillment of society's needs in order to minimize social and economic unrest. Better, @GoldenTongue? Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted August 3, 2018 Share Posted August 3, 2018 6 minutes ago, Chris- said: Better, @GoldenTongue? Yes, far better. Thank you. Quote Link to comment Share on other sites More sharing options...
Jason Posted August 3, 2018 Share Posted August 3, 2018 22 minutes ago, SFLUFAN said: Because I don't trust the Federal government with not co-mingling the revenue intended for the trust funds with that intended for general appropriations. If there was a way to ensure that the compartmentalization could be maintained, then I'd be in favor of that. Have you considered the merits of a lock box? 2 Quote Link to comment Share on other sites More sharing options...
GoldenTongue Posted August 3, 2018 Share Posted August 3, 2018 Still not feeling it. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted August 3, 2018 Share Posted August 3, 2018 Just now, Jason said: Have you considered the merits of a lock box? God, it's been a helluva long time since we've heard about the Social Security "lock box". Quote Link to comment Share on other sites More sharing options...
Jason Posted August 3, 2018 Share Posted August 3, 2018 3 minutes ago, SFLUFAN said: God, it's been a helluva long time since we've heard about the Social Security "lock box". I'm being super serial right now though, have you? Quote Link to comment Share on other sites More sharing options...
CitizenVectron Posted August 3, 2018 Share Posted August 3, 2018 Why is the US social security scheme not going to last? Canada has a similar thing (Canada Pension Plan as well as Old Age Security) and both are quite solvent. In fact CPP just got a decent boost (raised contribution levels). Is it because the US Congress has been unwilling or unable to boost contribution collection for decades, just like all your other taxes? Quote Link to comment Share on other sites More sharing options...
Chris- Posted August 3, 2018 Share Posted August 3, 2018 2 minutes ago, CitizenVectron said: Why is the US social security scheme not going to last? Canada has a similar thing (Canada Pension Plan as well as Old Age Security) and both are quite solvent. In fact CPP just got a decent boost (raised contribution levels). Is it because the US Congress has been unwilling or unable to boost contribution collection for decades, just like all your other taxes? Two reasons: 1. The system is struggling with the influx of baby boomer retirees; and 2. Social Security taxes are only collected on the first $128,000 of income (which is what SFLU is speaking to). Quote Link to comment Share on other sites More sharing options...
CitizenVectron Posted August 3, 2018 Share Posted August 3, 2018 12 minutes ago, Chris- said: Two reasons: 1. The system is struggling with the influx of baby boomer retirees; and 2. Social Security taxes are only collected on the first $128,000 of income (which is what SFLU is speaking to). Huh. In Canada the CPP contribution limit this year is only $52,400.00. That's only $40,367 USD. The amount collected is 4.95%, so $2,593.80 per year ($216/mo max). Is that higher than the % collected in the US? The maximum payout for CPP is $1,134.17 per month in 2018 (which is taxable), with the maximum surviving spouse benefit of $680.50 per month. Is that comparable to the US amounts? Quote Link to comment Share on other sites More sharing options...
mclumber1 Posted August 3, 2018 Author Share Posted August 3, 2018 4 minutes ago, CitizenVectron said: Huh. In Canada the CPP contribution limit this year is only $52,400.00. That's only $40,367 USD. The amount collected is 4.95%, so $2,593.80 per year ($216/mo max). Is that higher than the % collected in the US? The maximum payout for CPP is $1,134.17 per month in 2018 (which is taxable), with the maximum surviving spouse benefit of $680.50 per month. Is that comparable to the US amounts? US will pay out more depending on the final 5 years of income pre-retirement (I think) and there are a lot of other factors at play that determine your final SS check amount. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted August 3, 2018 Share Posted August 3, 2018 9 minutes ago, CitizenVectron said: Huh. In Canada the CPP contribution limit this year is only $52,400.00. That's only $40,367 USD. The amount collected is 4.95%, so $2,593.80 per year ($216/mo max). Is that higher than the % collected in the US? The maximum payout for CPP is $1,134.17 per month in 2018 (which is taxable), with the maximum surviving spouse benefit of $680.50 per month. Is that comparable to the US amounts? The amount collected in the US for Social Security is 12.4% (6.2% from the employee, 6.2% from the employer). The amount collected in the US for Medicare is 2.9% (1.45% from the employee, 1.45% from the employer). Note - there is no income ceiling on Medicare taxable wages. Quote Link to comment Share on other sites More sharing options...
CitizenVectron Posted August 3, 2018 Share Posted August 3, 2018 4 minutes ago, mclumber1 said: US will pay out more depending on the final 5 years of income pre-retirement (I think) and there are a lot of other factors at play that determine your final SS check amount. Interesting. In Canada you can also take your CPP early by a few years for a reduced monthly payment, and it ends up being more if you live past 70-something. It's an encouragement to retire early. Canada also has Old Age Security which everyone gets starting at 65, but it's not much ($586.66/mo for everyone who makes less than $122,000/yr at retirement). Quote Link to comment Share on other sites More sharing options...
CitizenVectron Posted August 3, 2018 Share Posted August 3, 2018 It looks like in Canada employers also contribute 4.95%, so it's a combined contribution max of around $5,000/yr per employee. So Canada takes less and pays less than in the US, it seems. It looks like SS cap is about double of CPP, per month. Huh. Mind you, I imagine most people don't come close to the cap. I wonder what the averages are for both countries. From a basic search, the average SS payout is around $1,300/mo. Average in Canada is $641/mo. When combined with the OAS in Canada, it's $1,228. Does the US have an equivalent to the Old Age Security payment? Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted August 3, 2018 Share Posted August 3, 2018 1 minute ago, CitizenVectron said: Does the US have an equivalent to the Old Age Security payment? Nope. Quote Link to comment Share on other sites More sharing options...
GoldenTongue Posted August 4, 2018 Share Posted August 4, 2018 9 hours ago, Chris- said: Better, @GoldenTongue? A bit...although it isn't quite self-serving enough to ring as true SFLU... But in all honesty, the cap should go, and (imho) there should be a 7.5% increase split between employer and employee. It's genuinely horrifying that a fundamental breakdown in SS could begin concurrently with the "retirement" of the first generation for whom the traditional pension does not exist. Quote Link to comment Share on other sites More sharing options...
Remarkableriots Posted August 4, 2018 Share Posted August 4, 2018 16 hours ago, Chris- said: Two reasons: 1. The system is struggling with the influx of baby boomer retirees; and 2. Social Security taxes are only collected on the first $128,000 of income (which is what SFLU is speaking to). Wouldn't the $2.5 Trillion in U.S. debt held by SS be another reason? Quote Link to comment Share on other sites More sharing options...
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