The Motley Fool Discussion Boards

Previous Page

Retirement Discussions / Retired Fools

URL:  http://boards.fool.com/i-feel-like-im-getting-in-on-this-discussion-kind-26737464.aspx

Subject:  Re: Obama on payroll tax Date:  6/16/2008  8:21 PM
Author:  CycleGirl Number:  13449 of 19741

I feel like I'm getting in on this discussion kind of late. Oh well...

First off, I want to disagree with Obama's statement "it is unfair for middle-class earners to pay Social Security tax 'on every dime they make," while millionaires and billionaires pay it only on 'a very small percentage of their income.'"

Under the current system benefits are proportional to wages up to a cap. In the same way, the withholding is proportional wages up to a cap. Therefore, the current system seems fair to me. Possibly the fairest of any government program I can think of.

What Obama proposes is to have the wealthy subsidize the social security system. This would redistribute wealth from the rich to the poor. Se