Tuesday, January 8, 2013
FICA's Bite: Wages Subject to Social Security Tax to Increase in 2013
http://www.shrm.org/hrdisciplines/compensation/Articles/Pages/FICA-Social-Security-Tax-2013.aspx DUE 22 January 2013. Should social security taxes have stayed at 4% or raised up to 6.2%??? Should wealthier Americans have the right to collect social security when they retire??
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I believe social security should have stayed at the level of 4 percent. People are losing money when they are receiving raises because of the rise of the social security taxes. I think it is ridiculous to lose money when you are receiving a raise. However, I agree with the idea of taxing the higher class people. I believe wealthier Americans should not have the right to collect social security if they are making over 6 figures. I believe the social security funds should be used towards lower class citizens.
ReplyDeleteSocial security taxes should raise because if we stayed at 4% we wont have much money when we retire. The high 6.2% will make your paychecks smaller but it should pay off at the end. I think wealthier Americans should have to right to collect social security because they worked hard and put in money for it just like other citizens but they honestly don't even need it.
ReplyDeleteWith all the baby boomers starting to retire, they are also collecting their social security checks. The only way for the government to be able to pay these retirees is by raising the social security tax to 6.2%. It may seem unfair to the current workers being affected, but it is the best way to sufficiently provide senior citizens the compensation they were promised. Also, wealthy Americans should have the right to collect social security because they payed for it while they were working along with the rest of society. However, they should not receive as high of a compensation as the less fortunate Americans.
ReplyDeleteThe social security tax should stay at 4 percent so it can be convienent for the current workers but for the people that retired already it would be better for them to raise the social security tax to 6.2 percent. The retired people should get the money they worked hard their whole life for. Also the wealthy americans should be covered but not as much as the less wealthy.
ReplyDeleteAs baby boomers begin to retire, they seek social security, and compensation they were promised. Although it may affect current workers, raising the social security tax would be beneficial to these retirees. While wealthy Americans would be able to collect social security as well, they should not be given as high of a compensation due to their financial status.
ReplyDeleteConsidering Americas inability to sustain the social security compensation due to the exponential amount of baby boomers retiring daily in a manner that would be positive for the economic state of the country, I would agree that it is necessary that social security tax be raised from 4% to 6.2%. Since I like to believe that I live in a free country, full or equality and all those lovely things. I believe the rich should be able to collect their social security compensation. After all, they also did pay into it. If someone is making six figures post retirement it's clear that it isn't really a necessity for them but I believe they still have the right.
ReplyDeleteSocial Security should have remained at 4% for the current working class. Its not fair for them to be paying the 6.2% however it is necessary and fair because of the baby boomers. There were so many of them and they've worked hard their whole live so they deserve the amount of income from Social Security that they were promised and that will sustain their life expenses. However, if you are a wealthy citizen, you should not receive Social Security. You are making enough money to support your family plus 3 more so when your old you will have savings up the ass. There is no need for the government to give you even MORE money that should just be allocated to the other citizens who get Social Security while you don't.
ReplyDelete-Jacob Hochman
In a time of economic instability throughout the United States, it is not ideal for Americans to look toward the future and plan for their retirement. It may sound harsh, but those who are unsure if they are going to be working at the same job in a couple years should not have the their sights set on retirement, just yet that is. I contend that any extra income for the family right now can do them better than money put aside for the future, for this reason I think that the social security tax should have stayed at 4%. With the shrinking incomes as a result of this tax rate increase, Americans are going to find it harder to pay their bills. It might not make them comfortable to know that regardless of your unpaid bills now, they’ll have money with which they can retire. This is not to say that I do not believe in collecting social security upon retirement, I just believe that short term expenses ought to be prioritized over planning for the future in our current economic situation. With this said, I do believe that everyone should be given the opportunity to collect social security, regardless of social class, because it is a reward that reflects the hard work endured by all Americans.
ReplyDeleteEven though it is easy for us to say that it is better to keep the rate at 4% instead of 6.2%, we have to consider that sometimes in order to make things work more efficiently, changes must be made- even though they may seem unfair at first. We have a higher number of seniors that collect social security benefits. In order to distribute an ample sum required for their well being, it is necessary to increase the rate because the seniors have no other way of sustaining themselves. Sacrifice such as a higher rate must be made. I think people with high incomes should receive social security benefits but not as much, I mean after all, they did contribute their part. However, the wealthy that makes above a certain number should not receive those benefits as the money will be better used if given to people that really needs it.
ReplyDeleteThe raise in the social security tax is a necessary evil the nation must endure. In order to ensure that the government can actually pay off the retiring baby boomer generation, they had to raise the tax on social security, or else there would be millions of retires who would not be receiving their only source of income. As far as the rich receiving social security checks after retirement, I believe that if they put the money into the system they are themselves entitled to their social security checks, no matter how much money they have stored on off-shore banks.
ReplyDeleteSocial Security taxes should have been raised up to 6.2% because the increase of retirees due to the baby boomers and it would deplete the amount of money that would be available for our generation. That decreased amount of money would not sufficiently help us out once we retire. As for wealthy Americans collecting their social security, they should be able to because they also paid for it along with the rest of Americans. Yet, I think if it was possible, for them not to get that high of a compensation as other people not as fortunate in their financials.
ReplyDeleteThe only viable solution seems to be raising the taxes for Social security to 6.2%. It's necessary, and it's balanced out because these employees are receiving pay increases that buffer this out (however bleak it may seem, it's better than paying increased SS with previous paychecks). To say wealthier Americans shouldn't be able to collect social security, I believe that they should, but within reason. They had all of their salaries cut for social security, so it is only fair they receive a small portion. Small, because they can probably accommodate themselves, where poorer Americans find some level of reliance on their Social Security.
ReplyDeleteSocial security taxes should have risen to 6.2% because it would help with the baby boomers who are now retiring. By increasing the tax rate, we can help pay them and give them the money they deserve. Wealthier Americans should also be able to collect their social security because they contributed more money through their taxes. Even though the wealthy may have money, it is only fair to repay them for helping. Even though raising the tax rate to 6.2% may decrease the amount in your paycheck, it is the right thing to do.
ReplyDeleteI believe that it would've been better for Social Security taxes to be raised up to 6.2 percent. I think that because of the increase of retirees due to the baby boomers, it would help support them and not destroy the "program." Otherwise, it could decrease the amount of money available for the current generation. With little money, many people would not be able to have a comfortable retirement. For Americans that are in the upper ranges of wealth, collecting social security should still be ok for them because they too have paid SS over the years. However, I think they should definitely get a bit less than they put towards SS and maybe have that go towards the less fortunate.
ReplyDelete