> 120k may seem like a lot, but it isn't in several parts of the US now (e.g SF Bay Area, New York).
And national tax policy shouldn't be dictated by ~2 major urban metros.
I agree that tax policy needs to encompass more than just the salary of the working class, but let's not joke ourselves. Medicare already taxes your entire wage base, there's no reason Social Security shouldn't.
We keep kicking the can down the road, and its time to own up to the liabilities we've created.
>We keep kicking the can down the road, and its time to own up to the liabilities we've created.
I'm afraid it's quite impossible to 'own up' to those liabilities. Look at the debt clock:
http://www.usdebtclock.org/
The GAAP liabilities of USG amount to $100 trillion, yet the net assets of the entire US are only $116 trillion. Nearly all of the assets in the entire country would need to be sold to pay for the liability to be incurred.
I'm afraid the only solution is to reduce benefits, primarily reducing social security payments (particularly when most of the boomers are drawing on them) and cutting medical spending - probably by instituting controls on what the government will pay for in terms of end-of-life care.
And national tax policy shouldn't be dictated by ~2 major urban metros.
I agree that tax policy needs to encompass more than just the salary of the working class, but let's not joke ourselves. Medicare already taxes your entire wage base, there's no reason Social Security shouldn't.
We keep kicking the can down the road, and its time to own up to the liabilities we've created.