Sanders, DeFazio Introduce Emergency Legislation to Prevent Social Security Benefit Cut

Social Security Tax:  Only your first $106,800 of combined wages, tips, and net earnings is subjected to the 12.4% Social Security tax.

Medicare Tax:  All income is subjected to the 2.9% Medicare tax.

Easy self employment tax formula. Social Security taxes are only assessed on incomes of $106,800 and less, so if you fall under that threshold, simply multiply your income by 15.3% (12.4% + 2.9%). If your income is greater than $106,800, multiply your income by 2.9% (to cover your Medicare tax), and add $13,243.20 (max Social Security tax).

If one is making above a lot of money, than it gets better the more one makes.  What it does is put the burden of social security payments on the working poor and the middle class.  This was part of Reagan's tax reforms of the 1980's.  The American people got thoroughly fleeced and just loved it.  It is one of those gifts that just keeps on giving. 

While there is a yearly adjustment for inflation, those making more than $106,800 do not pay their fare share.  This was the trade-off for Reagan's three tax brackets, essentially, lowering the taxes the wealthy pay and raising taxes on those who can least afford it. 

At least, Bernie Sanders sees the need for this kind of change, but it just doesn't go far enough.  If I remember correctly, prior to Reagan's tax cuts, we all paid around 12% in payroll taxes.  If one receives a W-2 at the end of the year, then half of the payroll tax is paid by the employer and half by the employee.  If one is self-employed, then one pays the entire amount by oneself.  It is a pay-as-you go system, so the self-employed are required to pay quarterly or suffer a penalty for underpayment.  And there are rules governing that, too.  It is almost endless or so it seems.

Recently, I read where there is a proposal being tossed around to have the IRS do all of our income taxes for us.  I just about had a stroke when I heard that, because we all know that it would only apply to the working poor and the middle class.  The wealthy would never allow the IRS to do their taxes as they would have to pay their fare share.  The wealthy hire tax lawyers whose sole purpose is to make sure their clients do not pay their fare share.

While there are many who support a flat tax, it would also be unfair to the poor, the working poor, and the middle class.  A flat tax will never hurt the wealthy.  To see how this works, just review the first three paragraphs that I copied and pasted from a website called cashmoneylife.  The payroll tax IS a flat tax.

Why stop collecting social security payments above $100 thou?

Indeed, why make social security payments to those who don't need it?

Why does Sen. John McCain, a multi-millionaire, collect $28 thou per year from social security disability?

This makes no sense.

Means testing for gov't. money should end payments to those who make more than $100 thousand per year, and put the money in education, school lunches, food banks, or something that helps those who need it.

We can have a society ruled by the rich or a democracy, but not both.

Or die trying. The rethugs have attempting to undermine and/or destroy Social Security since FDR's day. What they need is a good smackdown, and SOON.

God bless Bernie saunders,why couldn"t he be our Democratic presidental candidate.He is the leading candidate of congressmen who still care about the American people.I truly wish he were our president so we had someone in the whitehouse who actually gives a damn about the people