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Author: vargaj Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 125003  
Subject: Re: To convert or not to convert? Date: 8/14/1998 5:06 PM
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"It continues the fiction that there is a real one-to-one correspondance between what you
pay in ("My Contributions") and what you get, or deserve to get, out"

No, it doesn't. It only assumes that I can determine my contribution. (I can and so can SSA and the IRS, because my benefits are calculated based on my contributions). It also asummes that I can determine my benefit. (I can and so can the SSA and the IRS.)

In every other area you pay taxes on the excess of what you get out over what you put in. Why not SS?
The problem that I see with my proposal is that at some point your benefits would be reduced after several (many?) years at a higher level. This will not go over too well.

I have a hunch that the 85% tax level now in effect is less than what I propose. But after all it simple, fair, and easy to understand.

Joe Varga
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