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this post was submitted on 04 Jun 2024
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politics
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Ah yes, just increase the tax on working people. So simple. Don’t look too closely at the yearly cap that prevents rich people who will never need it from contributing meaningfully. Let’s be careful to not consider a simple progressive tax that would easily correct the issue by putting an unnoticeable tax increase on the very people who are responsible for making sure normal Americans can’t fund their own retirements in the first place.
The article explicitly talks about lifting that cap:
Still, raising the tax nearly 2.5% on working people is bullshit. Hey guys, we know inflation is hitting hard and most of you haven't had a meaningful raise...ever but how about if we lower your current and all future earning potential by 1/40th?
Wouldn't it be more like a 1.25% increase for most people since that part of the payroll tax is split half and half between employers and employees? I might be reading it wrong but sounds like they're proposing raising the entire 12.8% or whatever it is payroll tax that much. So it'd go from like 6.4% to like 7.7%.
This is the way