A Simple Plan for Reforming Social Security
by David F Mayer
This plan is based upon the following observations:
1. Social Security is a "pay as you go" plan, not a vested retirement fund.
2. Social Security is a system to prevent the elderly from becoming indigent.
3. Social Security is financed by a regressive tax, regressive because it is based upon earned income only, and has a cap, or maximum after which income is not taxed at all.
4. Social Secutity is unfair because it imposes the obligation selectively upon the wage earning class and exempts the wealthy.
5. Social Security is a "full faith and credit" obligation of the United States Government.
The proposed solution is to remove the cap from Social Secutity contributions and have the tax apply to all income from all sources, not just earned income. In effect, this will blend Social Secutity tax in with the standard Income Tax, and extend the payers to the wealthy.
The amount of revenue that can be raised by elimination of the cap and extension to all income sources will easily provide Social Security solvency for the indefinite future.
Current Events » in reply to Serious Insecurities concerning Social Security 'Reform'
My plan to reform Social Security
The whole thread (75 posts)
- Serious Insecurities concerning Social Security 'Reform'
- My plan to reform Social Security
- Thats actually a pretty good idea, IMO
- If it "over-funds" the system, just cut the tax rate. Simple. (n/t)
- The system is currently overfunded as it is
- Not if it is to become a VESTED system with assets backing liabilities.
- re: The system is currently overfunded as it is
- I could live with that.
- Thats actually a pretty good idea, IMO
- Not to mention the dark secret that people are only just realizing..
- The only true fix for SS
- More to the point
- re: No big secret.
- Tom hit the BS buzzer
- So the fix is to simply confiscate more and more money?
- Further, they always claim that it must get worse and worse
- Bartleby the Scrivener
- Does anyone else see the political weirdness here?
- Not my problem, Tom, that you have a propensity for strawman arguments and distorting positions you disagree with
- More on the Amazing Vanishing Social Security Crisis
- The DNC choice to take the position that after all the years of claiming there was a crisis, now there isn't one, will not hold up. (n/t)
- again
- correction, misread something Tom said
- More on the Amazing Vanishing Social Security Crisis
- Not my problem, Tom, that you have a propensity for strawman arguments and distorting positions you disagree with
- Tom hit the BS buzzer
- What Ed said.
- Very good points
- My plan to reform Social Security