Althea
Althea told me...
If you're self employed and pay all of FICA, that margin is less. Even so...your check is commensurate with what you paid in over the years. SS is the best investment employees can make, as they double their money at the outset.Also, raising taxes on anything other than SS payroll taxes destroys the political popularity of SS by claiming it is a government benefit you get only because you paid the money into the system. That is why the right attacks the left for "socialism" but they do not include their SS or Medicare in that category because they "paid for it."
All those other taxes mentioned in the article (wealth tax on assets, raising payroll cap) are all attempts to make upper income pay for the SS benefits of everyone else. We already get more back in benefits than we pay in, so maybe we should limit benefits to what we paid in taxes. Or, put that same money in an S&P 500 index fund and you get the amount when you retire. That eliminates government's biggest expenditure and gives the worker more than he gets in SS benefits.
If you retired during one of the Republican economic crashes, you wouldn't be very happy with your S&P 500 payout. SS is considered much more stable, and quite frankly the SS retirement is solvent. SS disability is what is killing the system.
Corporate lobbies fight against FICA increases, as they are the ones who fund half of the rate hikes.