The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: Enron and Social Security||Date: 1/28/2005 12:47 AM|
|Author: rrosenkoetter||Number: 44260 of 77203|
>> I would like to see a serious, non-politcal analysis of the situation if a few changes were made, e.g. (1) eliminating the cap on income subject to withholding <<
>>>> Yikes! High income taxpayers already have sky high tax rates. I don't think adding 6.2% to their marginal tax rate (or 12.4% if they are self-employed) is a wise idea. <<<<
But isn't this option better than raising payroll taxes on all the people making less than $90,000 a year? Or cutting benefits for all retirees? Or raising the retirement age to 72? And sky-high is a bit of an exaggeration. Tax-rates are at their lowest in many decades.
I'd like to see the $90,000 cap removed, and I'd like to see benefit growth tied to inflation instead of wage growth, and I'd like to see some means-testing...
Social Security is a safety net. It was devised so that our poor elderly would not end up destitute on the streets. It should never have morphed into everyone, regardless of need, gets paid for the rest of their lives.
Yeah, we paid our entire lives into the system. Many think we "deserve" to get our money back. But if we don't need the money, why would we take it from our children and grandchildren?
Something has to be done. I never thought I'd consider Republicans to be worse financial stewards of this country than Democrats. I thought tax and spend was pretty bad, but don't tax and still spend is even worse.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|