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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums"A Booster Shot for Social Security"
A Booster Shot for Social SecurityBY Sarah Jaffe at In These Times
http://inthesetimes.com/article/15844/lifting_the_cap_on_social_security/
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That was Sen. Sherrod Brown (D-Ohio), who made news this week as the latest Democratand one from a key swing stateto sign on to a bill calling for expanding, not cutting Social Security benefits. Brown spoke on a conference call today hosted by the Progressive Change Campaign Committee, telling media and PCCC members why he's decided to cosponsor Tom Harkin's (D-Iowa) Strengthening Social Security Act of 2013. The bill is also cosponsored by two other Democratic senators, Mark Begich of Alaska and Brian Schatz of Hawaii.
We dont want to reform entitlements [the Republican] way, explained Brown. We want to do things like lifting the cap.
Brown is referring to the fact that Social Security taxes are only collected on the first $113,700 of your annual income. If you make more than that, it's tax-free, meaning the Social Security tax winds up being fairly regressive: The more money you make, the smaller a proportion of your income goes to Social Security. Phasing out that cap, as the Harkin plan proposes, would mean that people who make hundreds of thousands or even millions a year would still pay the same rate, but theyd pay it on all the money they make.
Removing the cap would create more money for Social Security benefits. To decide who gets that money, the Harkin plan would calculate cost-of-living increases using a specifically calculated consumer price index (CPI), called CPI-E, that takes into account that costs such as healthcare and housing tend to be higher for seniors. According to Harkin's office, the bill would boost benefits for all Social Security beneficiaries by approximately $70 per month, but is targeted to help those in the low and middle of the income distribution.
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99th_Monkey
(19,326 posts)Esp when referring to SS.
Response to 99th_Monkey (Reply #1)
duffyduff This message was self-deleted by its author.
Fla Dem
(23,586 posts)I'm on SS so would like to understand the issue better. Thanks.
Recursion
(56,582 posts)Despite the fact that it means "payments that are legally set by a calculated formula", which is exactly what social security is. So are farm subsidies.
Fla Dem
(23,586 posts)RebelOne
(30,947 posts)I put money into it most of my life. I earned it and I am ENTITLED to receive it back.
hughee99
(16,113 posts)will feel the same way, since it doesn't sound like they'll be getting most of it back.
99th_Monkey
(19,326 posts)that is not the inference when that term is used. Rather, the inference is
that poor people feel "entitled" to suck on Nanny State Tit their entire lives.
Yo_Mama
(8,303 posts)"Entitled" means that under law, the beneficiary has a legal right to the payment. That's not a bad thing to say.
Getting the title to your car, or the deed to your home, means you are "entitled" in that property.
bhikkhu
(10,711 posts)I don't see any problem with the word, or in its applicability to social security. Letting the other side hijack language isn't thinking well.
99th_Monkey
(19,326 posts)Enthusiast
(50,983 posts)Our side doesn't even get to say a word in social security's defense.
Laelth
(32,017 posts)-Laelth
Sirveri
(4,517 posts)Good to see someone else is on the same page. But with a do nothing house I don't see it amounting to much.