Sadly, I’m so used to its association with Limbarf, just hearing the name Rush triggers a reach for the trash basket to protect my keyboard and screen from flying chunks! However, there is actually another Rush, a good one. He’s Congressman Rush Holt (D-NJ).
U.S. Rep. Rush Holt has launched the third in his series of whiteboard videos making the case for bold progressive ideas. In the new video, “Social Security,” Holt argues that millionaires and billionaires should pay the same percent of their income to Social Security as middle-class workers.
“Ordinary people contribute about 6 percent of their paycheck to Social Security,” Holt explains in the video, “but someone earning a million dollars pays less than 1 percent. That’s because Congress has given millionaires and billionaires a free pass: an absolute cap on their social security taxes."
Holt proposes asking the wealthy to pay the same tax rate into Social Security as the middle class. “That would save Social Security, ” Holt says, “no need to raise the retirement age or cut benefits. This isn’t rocket science; it isn’t even fifth grade math."…
Inserted from <Crooks and Liars>
Here’s the video:
You probably recognize his plan, if you area regular here, because it’s my plan and has been for several years. But it’s nice to hear if from someone else, just the same. I was impressed enough with his presentation, that I want you to have his first two videos as well.
Wall Street:
Student Loans:
After all that, you may be surprised to learn that I don’t support Rush’s bid for the Senate. I prefer Corey Booker for the US Senate over him, but we certainly need to keep his voice in the House!
12 Responses to “The Good Rush is Right On!”
Sorry, the comment form is closed at this time.
When I worked for the IRS in the 1970s many of us, as employees, advocated this. There should never have been a cap on wages subject to Social Security contributions.
Patty, I fully agree.
I know that Canada has the same problem, although not as well known. Our ss, CPP (Canada Pension Plan), contributions are capped at about $44,000 per year. That meant for me that my contributions when working, ceased about August each year (ours are part of the withholding taxes on our pay cheques).
Harper and his harlots have not raised the age limit on this one yet — it is still 65 (they did on the government funded Old Age Security), but if you take this CPP early, you lose a big chunk — approximately 40% at age 60. But I have oft wondered what would the plan look like today had there been no cap.
As to the other two videos — WOW! a triple feature! Where's the popcorn? — I agree with him totally. Again, in Canada, student loans are divided into different classes — class A which is while the student is in school; class B when a student has graduated and is available for the job market (about 4-6 months after graduation). At least that was the way it was when I was working. While in school, the government paid the interest on the student loans. Once the student graduated and the loan changed to class B, the student became responsible for the interest from that point on. A much better deal for students over the US system as I understand it. But our students still have trouble paying their loans because of the job market. As to the transaction fee on trades, if you are willing to take risks, then put your long pants on and pay the nominal fee.
TC, I of course know who Crey Booker is but can't really comment on who would be better for which job. But I do wonder if the special election date is still the same — in October as opposed to November? Is Christie the fiscal conservative (snicker, snicker!) still insisting on incurring the extra costs for a special election, money that could otherwise be used to help with ongoing Sandy cleanup and recovery?
Lynn, $44,000 seems ridiculously low to me.
Actually that figure is low, or shall we say old. Probably about 2008 when I last had to worry about it.
For 2013 the cap is $51,100 which is $2,356.20 in premiums.
http://www.cra-arc.gc.ca/nwsrm/rlss/2012/m11/nr121101-eng.html
I tried to get an historical listing but it has taken me 12 shots to get this far. Something wrong on the website.
Not familiar w/ Canada's program, but is this what you're looking for?
http://www.cra-arc.gc.ca/tx/rgstrd/papspapar-fefespfer/lmts-eng.html
It isn't exactly, but it does have the info I was looking for in the 2nd from right column. Thanks Nameless. The website was acting up last night such that I search etc — wondering if the government turned it off for the night to save electricity! Sounds like the logic of the Canadian gov't sometimes.
TC, these videos are all I know about this guy, but based on them, I would vote for him. The cap on contributions to Social Security should have been removed long aga. Wall Street speculators need to be reigned in as they have caused much of the economic problems that we have today. The student loan program in this country is a disgrace!
Edie, were he not running against Booker, and already in the House, where we need him just as much, I'd vote for him too.
Yes I agree 100%, thanks TC
Shared…. 🙂
Thank goodness I paid all my student loans… Phew
Thanks Richard!