Concerning social security and wealth.
https://www.cnbc.com/select/will-social-security-run-out-heres-what-you-need-to-know/
[quote][c=000000]Will Social Security run out of money? Here’s what could happen to your benefits if Congress doesn’t act
A recent report found that starting in 2034 retirees will only receive part of their benefits.
Will Social Security run out?
For millions of retirees, Social Security provides an essential source of income in retirement. In 2020, around 50 million retired workers collected Social Security benefits, according to the Social Security administration.
However, the recent[u][i] 2022 Social Security Trustees report finds that in 2034, retirees will start receiving a reduced benefit if Congress doesn’t fix funding issues for the social program[/i][/u].
In other words, Social Security will exist after 2034, but retirees will only receive 77% of their full benefit starting then.[/c][/quote]
Now we know the opposing positions of both sides. Yet neither side wants to address the obvious....
https://smartasset.com/retirement/social-security-tax-limit
[quote][c=000000[u][i]]The most you will have to pay in Social Security taxes for 2023 will be $9,932. That’s what you will pay if you earn $160,200 or more[/i][/u]. As its name suggests, the Social Security tax goes to the Social Security program. For 2023, it amounts to 6.2% for employees on all income up to $160,200. Employers deduct the tax from paychecks and match it, so that 12.4% goes to the program for each employee. If you’re self-employed, you’ll pay the total 12.4%, though you can deduct half on your tax return. The earnings limit is called the Social Security wage base limit, and it typically goes up every year. The annual rise began in 1972, when the wage base was $9,000.
Consider working with a financial advisor as you assess your taxes and how that will affect how much you receive from the federal government.
What Is the Social Security Tax Limit?
You aren’t required to pay the Social Security tax on any income beyond the Social Security wage base limit. In 2023, this limit is $160,200, up from the 2022 limit of $147,000. As a result, in 2023 you’ll pay no more than $9,932 ($160,200 x 6.2%) in Social Security taxes.[/c][/quote]
Why is such a low maximum in place.? Like it's totally on the middle class and lower...
https://news.gallup.com/poll/151427/Americans-Set-Rich-Threshold-150-000-Annual-Income.aspx
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That's 47% of the population making more than $150,000 IN 2011! It's certainly more than that by now!
Why is there that cap of $160,000? When even the wealthiest billionaires can receive social security?
Could it be all political parties don't want to pay their fair share?
https://www.thoughtco.com/salaries-and-benefits-of-congress-members-3322282
[quote][c=000000]The current base salary for all rank-and-file members of the U.S. House and Senate is $[u][i]174,000[/i][/u] per year, plus benefits
[/c][/quote]
That's the very minimum base pay of a just elected house member for ALL PARTIES!
Notice the convenient cutoff? 😡
End of rant!
[quote][c=000000]Will Social Security run out of money? Here’s what could happen to your benefits if Congress doesn’t act
A recent report found that starting in 2034 retirees will only receive part of their benefits.
Will Social Security run out?
For millions of retirees, Social Security provides an essential source of income in retirement. In 2020, around 50 million retired workers collected Social Security benefits, according to the Social Security administration.
However, the recent[u][i] 2022 Social Security Trustees report finds that in 2034, retirees will start receiving a reduced benefit if Congress doesn’t fix funding issues for the social program[/i][/u].
In other words, Social Security will exist after 2034, but retirees will only receive 77% of their full benefit starting then.[/c][/quote]
Now we know the opposing positions of both sides. Yet neither side wants to address the obvious....
https://smartasset.com/retirement/social-security-tax-limit
[quote][c=000000[u][i]]The most you will have to pay in Social Security taxes for 2023 will be $9,932. That’s what you will pay if you earn $160,200 or more[/i][/u]. As its name suggests, the Social Security tax goes to the Social Security program. For 2023, it amounts to 6.2% for employees on all income up to $160,200. Employers deduct the tax from paychecks and match it, so that 12.4% goes to the program for each employee. If you’re self-employed, you’ll pay the total 12.4%, though you can deduct half on your tax return. The earnings limit is called the Social Security wage base limit, and it typically goes up every year. The annual rise began in 1972, when the wage base was $9,000.
Consider working with a financial advisor as you assess your taxes and how that will affect how much you receive from the federal government.
What Is the Social Security Tax Limit?
You aren’t required to pay the Social Security tax on any income beyond the Social Security wage base limit. In 2023, this limit is $160,200, up from the 2022 limit of $147,000. As a result, in 2023 you’ll pay no more than $9,932 ($160,200 x 6.2%) in Social Security taxes.[/c][/quote]
Why is such a low maximum in place.? Like it's totally on the middle class and lower...
https://news.gallup.com/poll/151427/Americans-Set-Rich-Threshold-150-000-Annual-Income.aspx
That's 47% of the population making more than $150,000 IN 2011! It's certainly more than that by now!
Why is there that cap of $160,000? When even the wealthiest billionaires can receive social security?
Could it be all political parties don't want to pay their fair share?
https://www.thoughtco.com/salaries-and-benefits-of-congress-members-3322282
[quote][c=000000]The current base salary for all rank-and-file members of the U.S. House and Senate is $[u][i]174,000[/i][/u] per year, plus benefits
[/c][/quote]
That's the very minimum base pay of a just elected house member for ALL PARTIES!
Notice the convenient cutoff? 😡
End of rant!
61-69, M
