You and TC are both on a roll today. I like the idea of the Commission, we could even name it after Manchin if the idea works and call it the Manchin Memorial Commission if it doesn't.
I feel old when I remember the "Repeal and Replace" campaign the GOP ran on after ACA was passed and how, when they got into position to implement it, th…
You and TC are both on a roll today. I like the idea of the Commission, we could even name it after Manchin if the idea works and call it the Manchin Memorial Commission if it doesn't.
I feel old when I remember the "Repeal and Replace" campaign the GOP ran on after ACA was passed and how, when they got into position to implement it, they had nothing to go with. I'll feel better when Biden proposes the Commission, removal of the cap on OASDI tax, and legislation to provide legal residency for the DACA recipients as well as a complete overhaul of the asylum system. I realize that I may just feel old for a long while.
Yes, removal of the cap on the OASDI tax. So many have no idea the cap exists. This needs to be messaged ! I just call it the cap on Social Security.I mention how million/billionaires may only pay it for a week or two while you must pay throughout the year….and ask “ Does that seem fair?”
Exactly. According to the IRS, even with annual adjustments, over 50% of reported income isn't subject to the tax. If the cap was removed and the current benefit structure maintained, an additional $200 billion would accrue to the Trust Fund every year.
I'm aware of FICA as referring to the payroll taxes for SS, Medicare, etc. but don't recall seeing your acronym, OASDI tax, before. I see they are one and the same. And they are taxes on our earned income, withheld with the explicit promise that they will be returned to our benefit when we reach retirement age or meet the criteria for Survivors of payees into SS and for Disability for those who are medically unable to work. A huge swath of Americans fall within one or more category.
Tell me Dave what does OASDI stand for? Same as FICA? I'm afraid unless anyone has either "run" payrolls, or just delved into what it means - theres an awful lot of people with no clue exactly what that "tax" does, or how they benefit from it.
It stands for Old Age Security and Disability Insurance, same as FICA and I don't remember what that is the acronym for.
You're right about the lack of background knowledge, there are too many of us who don't understand what happens to the 20 or 25% that disappears from our paychecks.
At the time I was still doing any payroll - it was .0765% of gross. Whether that has changed? I have no idea. I like THAT acronym much better than FICA & I dont remember either!
When I retired, it was 7.65% of gross from the worker and a matching amount from the employer; I'm not aware of any changes since although there's been a lot of hot air and smoke blown into various places. What I'm suggesting is removing the income cap which for 2022 was $147,000.
I agree - removing the cap would help the social security fund AND be the right thing to do. Its time that was done - no matter how much static we all would hear.
The static from the small percentage (by numbers) of taxpayers who would be impacted is much less than what we'd hear if there was an attempt a la Macron, to raise the minimum age for retirement.
You and TC are both on a roll today. I like the idea of the Commission, we could even name it after Manchin if the idea works and call it the Manchin Memorial Commission if it doesn't.
I feel old when I remember the "Repeal and Replace" campaign the GOP ran on after ACA was passed and how, when they got into position to implement it, they had nothing to go with. I'll feel better when Biden proposes the Commission, removal of the cap on OASDI tax, and legislation to provide legal residency for the DACA recipients as well as a complete overhaul of the asylum system. I realize that I may just feel old for a long while.
Yes, removal of the cap on the OASDI tax. So many have no idea the cap exists. This needs to be messaged ! I just call it the cap on Social Security.I mention how million/billionaires may only pay it for a week or two while you must pay throughout the year….and ask “ Does that seem fair?”
Exactly. According to the IRS, even with annual adjustments, over 50% of reported income isn't subject to the tax. If the cap was removed and the current benefit structure maintained, an additional $200 billion would accrue to the Trust Fund every year.
I'm aware of FICA as referring to the payroll taxes for SS, Medicare, etc. but don't recall seeing your acronym, OASDI tax, before. I see they are one and the same. And they are taxes on our earned income, withheld with the explicit promise that they will be returned to our benefit when we reach retirement age or meet the criteria for Survivors of payees into SS and for Disability for those who are medically unable to work. A huge swath of Americans fall within one or more category.
https://www.usatoday.com/story/money/2023/01/25/what-is-oasdi-federal-tax/11119626002/
A much larger swath than the House Looney Tune Caucus seems to recognize.
Well, if I had just read YOUR comment, Judith - could have saved myself the question to Dave! I always knew it as FICA, too.
Tell me Dave what does OASDI stand for? Same as FICA? I'm afraid unless anyone has either "run" payrolls, or just delved into what it means - theres an awful lot of people with no clue exactly what that "tax" does, or how they benefit from it.
It stands for Old Age Security and Disability Insurance, same as FICA and I don't remember what that is the acronym for.
You're right about the lack of background knowledge, there are too many of us who don't understand what happens to the 20 or 25% that disappears from our paychecks.
At the time I was still doing any payroll - it was .0765% of gross. Whether that has changed? I have no idea. I like THAT acronym much better than FICA & I dont remember either!
When I retired, it was 7.65% of gross from the worker and a matching amount from the employer; I'm not aware of any changes since although there's been a lot of hot air and smoke blown into various places. What I'm suggesting is removing the income cap which for 2022 was $147,000.
I agree - removing the cap would help the social security fund AND be the right thing to do. Its time that was done - no matter how much static we all would hear.
The static from the small percentage (by numbers) of taxpayers who would be impacted is much less than what we'd hear if there was an attempt a la Macron, to raise the minimum age for retirement.