NEW: Whitehouse Backs Plan to Increase Social Security Taxes
Thursday, March 07, 2013
US Senator Sheldon Whitehouse has jumped on board legislation that would ask wealthiest Americans to "pay their fair share" in Social Security taxes.
Whitehouse announced today that he has joined on as a co-sponsor for a piece of legislation by Senator Bernie Sanders’ titled the Keeping Our Social Security Promises Act.
Under the bill, the income threshold that is exempted from the Social Security tax would be drastically altered.
Currently, only payroll taxes on income up to $113,700 is subjected to the Social Security tax and everything above that level is exempt.
Under Sanders’ proposal, only income between the $113,700 and $250,000 level would be exempt, meaning that the Social Security fund would continue to receive all the money it currently does and would receive funds on all income above $250,000 as well.
“I have heard from countless Rhode Island seniors who rely on Social Security to make ends meet, and who want to make sure the program remains strong for future generations,” Whitehouse said. “This bill would keep Social Security strong for the next 50 years while also making our tax code fairer. It’s a true win-win, and I will fight hard to get it passed.”
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Comments:
Michael Trenn
3:46pm on Thursday, March 07, 2013
Hi Patti! The other thing that this would causis a lot of financial trickery, as wealthy professionals would defer large amounts of income so that they would stay below $250K Epic Fail!
Patti Nenna
5:09pm on Thursday, March 07, 2013
Once again the only thing Congress seems to know how to do, raise taxes.
pearl fanch
5:10pm on Thursday, March 07, 2013
Sheldon is backing another plan by a fellow DEM.
What a shock.
I'm still waitinf for the day that Shelly actually comes up with something on his own.
He'd have to get his head out of Reed's azz first.
Art West
7:38pm on Friday, March 08, 2013
What ol' Sheldon does not take into account is that wealthy people have the means and the smarts to avoid moves to hit them up. If all fails, they can FLEE like the French actor who is moving from France to Belgium to avoid a new 75% income tax on the wealthy.
Of course, our man Sheldon did some bobbing and weaving of his own when he acted on insider information from Ben Bernanke to unload stock before the market crash in '08.