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Romney: Better to Raise Retirement Age, Cut Benefits Than Fair Share Social Security Tax
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Republican presidential candidate Mitt Romney told a group New Hampshire seniors, including members of the Alliance for Retired Americans, that he supports raising the retirement age or cutting benefits as opposed to asking all taxpayers to pay a fair share to strengthen Social Security.
Currently, all workers pay the Social Security payroll tax on the first $106,000 of their earnings. Earnings above $106,000 are exempt from the Social Security payroll tax. That means a grocery clerk or warehouse worker pays a bigger chunk of their income to Social Security than a hedge fund manager.
In a meeting in Lebanon, N.H., Alliance President Charlie Balban asked Romney if he would support raising the Social Security payroll tax beyond its current $106,000 cap to help strengthen Social Security.
One member of the audience told Romney, “We’re just asking that everybody pay at the same rate.”
Romney said he was opposed to having the wealthy pay Social Security payroll taxes on more or all of their income as most workers must. He said he instead would support raising the retirement age or cutting benefits by changing the way the Consumer Price Index (CPI) is calculated. CPI is used to determine cost of living adjustments for Special Security recipients.
Romney is referring to a proposed new inflation formula known as “chained CPI,” which, if implemented, would mean that a worker in 2011 at age 65 will see his or her Social Security benefits slashed by $6,000 over 15 years.
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16 Comments
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This is just what I would expect to hear from a republinut. If the middle class of America votes for crap like this – then they will get what they deserve just as they did in the Congressional elections this year. Majority of people I come in contact with really think these idiots are going to help them, how quickly rednecks forget what bush/cheney did to this country and want a repeat. Watch out for us UNION people (Terrorists) is what most would label the people who really love this country and fought in war and at the bargaining table to preserve our freedoms. (Vietnam Vet and proud of it 1967-1968) It makes me almost vomit to read/see these ‘tea party’ nuts get all the media attention. What they actually are are”RACISTS” just because OUR President is not 100% white and reality is none of us are. Let’s all pray daily for our President and our America!! GOD have mercy on us!!!
Why Romney’s idea to raise the SS age is racist. Just do the math:
“An average life span for black men that is 6.2 years less than for white men, and 8.3 less than the national average, 77.8 years, for all races and both genders.”
I BELIEVE ROMNEY,IS THE BEST IDEA WICH COME FROM A REPUBLICAN,IS NOT THE GREATEST ,BUT IS THE BEST WE HEAR FROM ANY REPUBLICANS, I HOPE THIS WILL SPEAD AROUND REPUBLICANS, TO SEE WICH ONE WILL GIVE US THE BEST OFFER.BUT I.M STICK WITH OBAMA AND DEMOCRATS, REPUBLICANS LIES LOT,CAN.T BE TRUSTED
better yet, cut government waste and corruption. I personally as a layman, have witnessed hundreds of thousands of dollars of taxpayers money wasted by improper leadership of government agencies. Cut congressional pay, perks, retirements and benefits first then viciously attack the seniors and veterans of low income.
Cynical makes the usual “goberment bad” charge most shallow thinking people embrace. You see, humans form groups to get things done and when the group gets bigger than 6 people efficiency goes down percentages until you get to 100 and then it’s 100%. All organizations suffer this affliction from Boeing to Banks and unfortunatly our Govt. is also a human construction of large size.
As to corruption everyone knows that our politicians are bought and sold because they have to suck up to rich people to get money to run for office. We need to shorten campaigns, make political advertising free and publicly fund the rest of these costs!
I am glad you agree with me 100%
Well put.
PROPOSED LEGISLATION THAT WOULD PRESERVE SOCIAL SECURITY INTO PERPETUITY
By John Bachar
The analysis of Social Security (SS), not to be found anywhere else, for the 16 year period, 1993 through 2008, has been done. The central result is that easy structural changes can be made to the SS taxation system by an act of Congress that will easily provide for sufficient annual contributions and Trust Fund assets growth to take care of the retirement needs of the increasingly aging population into perpetuity, as well as the replacement of the existing 73-year old regressive SS taxation system (only salaries/wages are taxed below a certain amount called the “cap”) by a progressive one (i.e., the taxation of all income, not merely salaries/wages, at a rate that increases with increasing income), and without reducing retirement benefits nor increasing the retirement age. Please click on:
http://www.absentlinks.com/uploads/6/6/4/2/6642350/july_2011_with_tables_social_security_exposing_the_destructive_fixes_and_showing_how_to_preserve_it_intp_perpetuity.pdf
I can oly quote a striking longshoreman in france when the government raised the retirement age to 65. ” let sarkozy and his governmentm ministers come here and work the docks “
I wish these idiots had to do a real mans job , hard labor outside year around , see if they want to work until there 70 then.
A conservative tells half of what conservatives believe I wish convervatives would tell the whole truth and say, we want to
eliminate Social Security,Medicare, Medicade and anything that makes
people feels secure and better their lives. Instead, conservatives
disguise their believes by saying things that appeal to the ignorance
and foolish.
Man how can a person be that stupid. SS is NOT a tax per say. It is a retirement fund. You work for this. It is your money. The employer matches this. This is also good for the business. So when a worker retires he has a little money to BUY things with. But as you can see the bosses can’t see that far down the road. They only think of what is good for me or my business not what is better for the country. I think Romney knowes better. He is trying to please that Tea-Party groop.
Social Security is a trust fund to protect natizens from the devastating poverty that occurred before the 1940s !!!!!!!!!
If you expect to retire someday as a normal person, and 95% of us do, then you know how to cast your vote.
Raising retirement age should depend on what type of work you do. Members of Congress age 100. Working in concrete, I began to have movement trouble at age 63 and really bad at 64. I doubt if I could have made it until age 67
Call it what you want. But but it is as important now as it was in 1940 when the great FDR put it in.