The Motley Fool Discussion Boards
Retirement Discussions / Retired Fools
|Subject: Re: Obama on payroll tax||Date: 6/17/2008 11:35 PM|
|Author: SeattlePioneer||Number: 13476 of 20069|
<<In a means-tested system, we all go to the government and ask for a handout due to our poverty.
In the current system, we get a benefit based on our work history. It is something we've earned.
The two couldn't be more different.
Sorry, but the money to pay for all those promises isn't going to be there. So the question is, should we sharply raise payroll taxes on Gen X, Y and Z in order to pay benefits to the boomer generation that that generation didn't fund adequately or properly?
Since there is no right to a benefit, the answer to me is quite clear: no.
Pay what money is available to the elderly indigent. The middle class is responsible for paddling our own canoe, although if people spend down their assets to the point of becoming indigent, they would then be eligible to collect.
That's the most just and equitable method out of this botched and grossly mismanaged program, in my view.
Perhaps Gen X, Y and Z will combine politically and just abolish this failed program altogether and choose to spend money going for taxes elsewhere. Who could blame them?
|Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|