The Motley Fool Discussion Boards
Retirement Discussions / Retired Fools
|Subject: Re: Obama on payroll tax||Date: 6/17/2008 9:59 AM|
|Author: SeattlePioneer||Number: 13461 of 19638|
<<Seattle Pioneer wrote: Don't increase taxes, means test benefits.
The problem isn't that taxes are too low, it's that too many upper middle class and upper class people receive benefits from this welfare program.
Why pay benefits to people thatr don't need them?
For one thing, you're punishing people for doing the right thing. That is, for saving and investing.
For another, people paid into the system for many years with the understanding that they would receive a benefit. Even if it's reduced, they are entitled to something. There would be a lot of justifiable outrage were people to lose their benefits entirely.
Anyone who has been paying attention has been on notice since the 1950s that they have no contractual right to a Social Security benefit. The Congress is free to raise or lower benefits as it chooses, and both have been done often enough to make that point.
Furthermore, anyone who has been paying attention has been told, often, that Social Security is inadequately funded to pay all the benefits baby boomers have come to expect under current benefit schemes.
So the question is --- should Gen X, Y and Z pay higher taxes in order to pay benefits to baby boomers who know they have no right to a benefit, and know that there is no reserve to pay benefits for them? It seems quite clear to me. Save Gen X, Y and Z from the higher taxes we baby boomers didn't pay, and means test benefits sharply that the well off baby boomers (like myself) should have realized were never going to be paid anyway.
Why pay benefits to people who don't need them?
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|