2016 Postmortem
In reply to the discussion: Bernie Sanders Starts to Name Names to Set Himself Apart From Hillary Clinton [View all]postatomic
(1,771 posts)Do you know how Social Security works? Half is paid by the Employee and Half is paid by the Employer. It's the same with Medicare Payments. 100% of Withholding Tax is paid for by the Employee. Putting that extra tax burden on businesses isn't an idea that would ever see the light of day.
Then there is the Tax Code. Someone making over $250K would be taxed again on Social Security disbursements if they earn in excess of the amount(s) and how they are calculated. We would have to re-write the Tax Code for Social Security Payments. Another idea that would have a difficult time seeing the light.
Plans are great and all but if you don't think them all the way through........ nothing gets done. It sounds good because anyone who makes over $250K can afford to pay extra. Or, so the story goes..........
I'd be happy with a 5% to 10% increase over the current income cap.