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Poll: Social Security Cutoff Going Up - RF Cafe Forums

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Are we taxed fairly (for your own country)?
Yes - I am an American citizen    23%  [ 10 ]
Yes - I am a European citizen    0%  [ 0 ]
Yes - I am an Asian citizen    2%  [ 1 ]
Yes - I am of another citizenship    0%  [ 0 ]
No - I am an American citizen    73%  [ 32 ]
No - I am a European citizen    0%  [ 0 ]
No - I am an Asian citizen    2%  [ 1 ]
No - I am of another citizenship    0%  [ 0 ]
Total votes : 44

 Post subject: Social Security Cutoff Going Up
Posted: Thu Oct 27, 2005 8:32 am 
 
Captain
User avatar

Joined: Mon Sep 01, 2003 6:59 pm
Posts: 22
Location: Boston
Well, for the first time in my 50 years I will make more this year than the cutoff amount for paying into Social Secutiry ($90,000). This comes from working more than 60 hours, every week of the year (I do consulting on the side). Next year the amount will be raised to $94,200 (a 4 2/3% increase). IF I ever get to retire, then age will probably be up to around 70 to collect benefits.

Statistically, a white male in the U.S. will live to be around 76. On both sides of my family, males die before their 70th birthday. Suffice it to say, I will probably never collect a dime of the multiple thousands paid in. To date, Ihave never collected a dime of unemployment or anything else. If my wife dies before I do, or even after, not one thin dime of the money I paid into SS in my lifetime will go to my kids or anyone else in my family.

The table below is from the SSA website. They unabashedly present the numbers, and boast of the Medicare tax having no income maximum for contributions. This system comes from the same Congress that budgeted for a $223,000,000 "Bridge to Nowhere" in Ketchikan, Alsaka this year. They also, in the debate over terminating analog TV transmissions by December 31, 2008, want to budget $2,500,000,000 (that's right, $2.5 Billion with a B) to provide set-top A-to-D converters for those people too poor (but can still afford premium cable) to buy a digital TV in time to see the 2009 New Years' Day football games. They are also the ones who, in order to not be called racists, couldn't wait to get in line to promise that New Orleans would be rebuilt "better than before" by spending, thus far, an average of around $150,000 per home (and rising).

So, is my rant justified, or should I be happy to bend over and take whatever the wise politicians give me?

Please vote in my poll (if it works).

Year Amount($)
1937-50 3,000
1951-54 3,600
1955-58 4,200
1959-65 4,800
1966-67 6,600
1968-71 7,800
1972 9,000
1973 10,800
1974 13,200
1975 14,100
1976 15,300
1977 16,500
1978 17,700
1979 22,900
1980 25,900
1981 29,700
1982 32,400
1983 35,700
1984 37,800
1985 39,600
1986 42,000
1987 43,800
1988 45,000
1989 48,000
1990 51,300
1991 53,400
1992 55,500
1993 57,600
1994 60,600
1995 61,200
1996 62,700
1997 65,400
1998 68,400
1999 72,600
2000 76,200
2001 80,400
2002 84,900
2003 87,000
2004 87,900
2005 90,000
2006 94,200

Tax rates of 1.45 percent for employees and employers, each, and 2.90 percent for self-employed persons, are applied to all earnings—without a taxable maximum—under Medicare's Hospital Insurance program.

http://www.ssa.gov/OACT/COLA/cbbdet.html




Posted  11/12/2012

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