The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: Social Security Reform||Date: 2/15/2005 7:25 AM|
|Author: 2old4bs||Number: 44614 of 75626|
>> The most disappointing thing about these Social Security etc posts is that very little attention is paid to those people, our children and grandchildren, who face major tax increases. <<
Certainly there's little attention paid by AARP, for whom the entire "solution" is sticking it to their grandchildren so their own sweetheart-deal status quo can be preserved.
Pardon me, but this is hogwash. This entire 'line' about how we're saddling the young with impossible obligations is just used as a scare/greed tactic by this administration to sell its plan. Actually, the debt incurred via privatization will be just as great a burden.
Young folks today are paying the lowest income tax rates in recent history. For many years the top Federal marginal tax rate was 48%! That didn't include Medicare or SS Tax, which would have brought the rate to well over 50%. The lower income marginal rates were also correspondingly higher. We paid those high tax rates most of our working lives--and for the most part it was paid without complaint because we were concerned about the quality of life of everyone in our society, not just ourselves.
IMHO, to ask our children and grandchildren to pay a few (1-2) percentage points more, considering that they are (and probably will continue) to pay far lower income tax rates than we did, does not seem unreasonable.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|