You think there is a safety net...NOW??? I K

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You think there is a safety net...NOW???

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I KNOW that there is. And all that they have to do is raise the cap up from $118,500. Imagine that no withholding for all earnings above $118K! And the 'fleecing' story is another winger myth.

2016 Payroll Tax Unchanged; Tax Brackets Nudge Up Wages subject to Social Security FICA stay at $118,500; - See more at: http://www.shrm.org/hrdisciplines/compensatio...WeR4t.dpuf


Right now, Social Security has plenty of assets. For much of its history, Social Security was a strictly pay-as-you-go system, with current tax receipts funding current benefits.

That changed in 1983, when Congress (as part of a comprehensive overhaul of the program) raised the payroll taxes that provide the bulk of Social Security’s revenue, to build up a cushion for the coming onslaught of Baby Boomer retirees. For nearly three decades, the system took in far more revenue than it paid out in benefits; the surplus was invested in special non-tradeable Treasury bonds, with interest credited to the system’s two trust funds (one for old-age and survivors’ benefits, the other for disability payments).

As of July 31, those trust funds together held $2.83 trillion in Treasuries. (Some people characterize that as the government “borrowing from” or “raiding” Social Security, but the system is in essentially the same position as any other investor who buys Treasuries.)