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Re: WARREN BUFFET ON SAVING S.S.

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@mandm84wrote:

https://www.yahoo.com/finance/news/warren-buffett-thinks-fix-social-101300761.html


It's the "gradually raise/eliminate the cap" that is the problem. Just raise it to where it SHOULD BE to keep 90% of income taxed like Reagan did when he raised the cap to save the system.

 

The total income between the current $128K and $250K is $1.8Trillion, which would add $234B to the SSTF revenue each year. The pay-out would increase, but in that first year, only one of the 30 years in the average that determines benefits would be at the higher rate. Each year the higher balance in the SSTF would accrue interest and the fund would NEVER go broke because the higher incomes receiving SS already return a portion to the fund and that would continue as well.

Only 14% of Americans will have ANY increase, and half of those would pay less than $2200/year, a maximum of 1.3% of their total income.

 

Most financial advisors tell you you'll need about $1.25Million to retire and keep a middle class lifestyle. That is not mathamatically possible for 80% of Americans, but having 14%, about 17,500 families,  pay an average of 1.3% of their incomes ABOVE $128,000 to give those 80% the opportunity to stop working at some point after age 65 seems reasonable to all but the insanely greedy and pernicious

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WARREN BUFFET ON SAVING S.S.

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