The go-broke dates for Medicare and Social Security ‘s trust funds have moved up as rising health care costs and new legislation affecting Social Security benefits have contributed to earlier projected depletion dates, according to an annual report released Wednesday.
The go-broke date — or the date at which the programs will no longer have enough funds to pay full benefits — was pushed up to 2033 for Medicare’s hospital insurance trust fund, according to the new report from the programs’ trustees. Last year’s report put the go-broke date at 2036.
Meanwhile, Social Security’s trust funds — which cover old age and disability recipients — will be unable to pay full benefits beginning in 2034, instead of last year’s estimate of 2035. After that point, Social Security would only be able to pay 81% of benefits.
I only learned recently that there’s a max on social security tax you pay each year. If your income is high enough, partway through the year your takehome pay jumps up because that tax is no longer applicable to you.
That’s stupid. Profoundly stupid. Ass backwards.
When your income is low, you need those dollars that are taxed. When your income is high, you don’t.
It should be like, the first (some amount) of income isn’t taxed for social security, and then the rate goes up as income goes up.
Anyone who doesn’t want to pay into social security is welcome to go live in a state of nature where they can be eaten by wolves instead of a society.
Does that mean you’re no longer entitled to social security if your income is too high? I figure the rich can still get it anyway.
I’m not sure that detail of how it works today. I would assume that if there’s an option that is less beneficial to the wealthy, it’s not true.
In my magic wand perfect world, we just do UBI and things are much simpler for everyone.
There’s a cap to how much income you can receive. That’s likewise why you have a cap on the taxation amount. In a way that’s good but it’s also bad.