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Author: stockmover Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19414  
Subject: Re: SOCIAL SECURITY UPDATE - 2010 Date: 2/13/2010 11:59 PM
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While SS isn't insurance, taking the cap off would be like making Person B pay double the car insurance premium for the same car that Person A drives simply because Person B earns more.

Ohhhhhh Now I see Fleg, ....so using your logic it's alright then if person A pays 6.2% of their income of $106,800 which is twice the amount of Person B who only earns $53,400. AND THEN person B pays twice the amount that person C pays earning a yearly wage of $26,700 etc etc. Of course I am aware that there may be some disparity in their individual SS benefit payouts. Because that depends on their future earning increases, life expectancy and FRA for each person who may be fortunate to live long enough to collect SS.

So in your opinion everything is okie dokie as long as the fat cats (I mean those who earn more than $1 million) have their contributions capped at $6623/year.

Also, following your logic why then are Medicare contributions not capped?

Fleg, have you ever given thought to .... IF the caps were completely eliminated ... the excess contributions may very well reduce the overall contribution rate required to maybe 1~3% for EVERYONE (Employee & Employer)!

Just food for thought my friend.

Rich
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