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Government |
Sanders, Dems Propose Investment Gains Tax Hike to Pay for Social Security Expansion |
2017-02-24 |
[PJ] WASHINGTON ‐ Congressional Democrats introduced a bill that would increase the investment gains tax by 6.2 percent for households with adjusted gross income of $250,000 and above to pay for an expansion of Social Security. Sen. Bernie Sanders (I-Vt.), sponsor of the Social Security Expansion Act in the Senate, said the proposed "net investment income tax" increase from 3.8 percent to 10 percent would make "millionaires and billionaires" pay more in taxes to expand Social Security and extend the life of the program. The investment gains tax originally became law as part of Obamacare. "Everybody in this room knows that Social Security hasn’t added a nickel to the debt. It’s tax breaks for billionaires and the war in Iraq and an inflated military budget that in fact led to the high deficits and the national debt," Sanders said during a press conference on Capitol Hill last week with the organization Social Security Works. "Starting at $250,000 and going up, the top one and a half percent will be paying more in taxes, and at a time of massive income inequality that is appropriate. And what will we do with that additional revenue? We are going to extend the life of Social Security for 61 years. How’s that? And we’re going to expand benefits, not cut them," he added. |
Posted by:Besoeker |
#8 You do all of the risking and research, and if you make a dime, the Dims want a percentage. If you are a Dim, easy money doesn't get any easier than that. |
Posted by: Spats Omaviper3029 2017-02-24 20:19 |
#7 Raj, as I have seen here in MA the socialists are not satisfied with anything less that 110%. |
Posted by: AlanC 2017-02-24 16:16 |
#6 There's already the Net Investment Income Tax (3.8%) on income over certain thresholds, and the additional Medicare tax (.9%) - naturally, it's not enough for the Socialists. |
Posted by: Raj 2017-02-24 13:17 |
#5 How about scrapping Social Security for a voluntary 401K instead? |
Posted by: Abu Uluque 2017-02-24 11:55 |
#4 Posturing for the base. Without a majority in the House, they haven't a hope of even getting the thing debated in committee. |
Posted by: trailing wife 2017-02-24 10:13 |
#3 I'm confused. Social Security is already taxed as income, so now the Dems want to tax the capital preservation investment earnings retirees use to augment the already insufficient Social Security? How about cutting the North Korean school lunch opium programs? |
Posted by: Skidmark 2017-02-24 10:08 |
#2 Everybody in this room knows that Social Security hasn’t added a nickel to the debt yeah, of course, if you ignore future entitlement payouts due beyond incoming SSI taxes. Like an Economic Idiot™, or a Socialist, but I repeat myself |
Posted by: Frank G 2017-02-24 09:14 |
#1 Perhaps those with other incomes (means testing) could pay income taxes on their Social Security. Oh wait! Bill Clinton already did that, and it's never went away. I worked hard, earned a pension, invested, made a buck or two, so I pay. He sat on his arse, drank his earnings, so he keeps all of his Social Security. Ok, I get it. |
Posted by: Besoeker 2017-02-24 09:06 |