The Social Security Tax is now a hot topic
Hacker News headline Social Security Tax: The new hot topic?
article Hacker Insights article Social Security tax is one of the most hotly debated issues in America right now.
The new tax would eliminate the current Social Security benefit for a new income level and then convert it into a tax on the wealthy.
According to The Wall Street Journal, the tax would hit the wealthy especially hard.
A study by the Tax Policy Center found that the wealthy would pay more than $9.6 trillion over the next decade.
If the tax is approved, the top 1% would pay about 70% of the new tax.
That means that the top 0.1% would have an average income of $2.7 million, according to the Tax Foundation.
If the tax was to go into effect, that would be worth $4.7 trillion, according to the Tax Institute.
The new tax is now a hot topic among Americans.
According to Politico, the Social Security Trustees’ meeting in Washington, DC on Tuesday was the first time since the 1960s that the Social Service Trustees have met with the White House.
“It was really exciting,” said Representative Diane Black of Tennessee, the top Democrat on the House Social Security Committee.
But the debate over the tax has really been fueled by President Donald Trump’s comments that he doesn’t like the idea of cutting Social Security benefits, which he has said is cruel.
Some people have called for the Social System to be abolished, even though there is no such thing as Social Security.
A new Pew Research Center poll found that 61% of respondents supported eliminating Social Security and cutting benefits for millions of older Americans.
A Pew Research survey released in December 2016 found that 57% of millennials and 56% of Americans between the ages of 65 and 69 support a social safety net that helps them through retirement.
According the Center for Budget and Policy Priorities, the benefits of the Social Security system would increase significantly if the benefit were cut by $1,500 per year.
At a senate hearing on Thursday, Senator Elizabeth Warren (D-MA) called on the White House to implement a tax on wealthy individuals before it would cut Social Security payments to seniors.
Senator Bernie Sanders (I-VT) also has taken a hard line on the tax, telling reporters on Thursday that “it’s the rich people who are paying the price of this.”
Sanders is not the only one calling for the tax.
Former President Joe Biden has also called for the Social Security system to be eliminated. Biden has also said that he would be committed to supporting the retirement security of seniors even if it means cutting benefits to millennial workers. There are currently six social security tax proposals on the table.
Among the proposed taxes is a federal income tax that would reduce individuals retirement benefiting their own income. Currently the average income of an individual retiring today is $42,500, according to the Center on Budget and Tax Policy.
That would change to $35,000 if the tax was introduced today.
While the Tax Policy Center has said the top 1 percent would pay about $5.5 trillion over the next 10 years, another study by the Federal Reserve found that the middle class would have an average income in about $16,000 according to the Census Bureau.
It is clear that the President has no interest in increasing the revenue of the Social Services Department to provide benefit for millenials and older Americans and is willing to use the power of his administration to cut beneficiary payments.
This is not the first time the President has attempted to cut benefits for retirees.
During the 2012 election President Barack Obama introduce a proposal to repeal the income tax and replace it with a single tax rate that would increase $100 for every $1 in adjusted income for individual and $1.5 for enterprise income earners.
Obama’s attempt to implement the single tax proposal led to a record tax increase for the U.S. individual income supply in 2012. In 2012