UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: aq67sceb One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76398  
Subject: Social Security Article Date: 3/10/1999 10:32 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
I just finished reading Al Levit's article on Social Security at http://www.fool.com/Features/1998/sp981019SocialSecurity.htm. In general I thought it was a very good piece, but I did have a couple problems with it.

The biggest problem I had was the combination of his proposals that the payroll taxes be payable on all income, and that means testing be applied so that retirees with income from other sources above a certain level not receive any benefits from the trust fund.

The combination of the two makes for a very unfair system for higher wage earners. First, you want to tax them on their complete income. I don't necessarily have a problem with that provided that their benefits would bear some relation to their increased contributions. But instead, you want to apply means testing, which will take away the trust fund benefits of the high income retirees, who, in most cases, will be the ones you just raised the payroll taxes on. In short, you want to raise their taxes, but reduce their benefits. In the words of our proverbial grandpappy, "It just don't make no sense."
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Economic Implications of Cuba
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement