Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We need to make SS voluntary and allow people to opt out if they wish. If that does not generate enough to make it more sustainable then we will have to abolish it outright.
Currently one can opt out of receiving SS payments but the FICA tax is still imposed on them.
We need to make SS voluntary and allow people to opt out if they wish. If that does not generate enough to make it more sustainable then we will have to abolish it outright.
Currently one can opt out of receiving SS payments but the FICA tax is still imposed on them.
Would you be surprised to learn that SS was and is 100% voluntary?
There is no law compelling all Americans in the USA to participate. There is no law punishing any American who does not participate. The "income tax" on wages, under FICA, is tied to being a participant. If one has not consented to be taxed, no tax liability exists.
Don't believe me.
Please write a polite letter to your senators, congressman, and the SocSec administrator in Baltimore, MD., and ask them if there is a law that obligates all Americans to enroll. Ask them for the law that punishes any American that doesn't enroll nor participate.
(This may explain why so many "Tax protesters" sincerely can't find "the law" that compels them. It's an agreement, via FICA! He who consents cannot object.)
Do you understand the concept of 'bankruptcy'? You can't go bankrupt if all you do is circulate the wealth that is in your own economy.
While countries never officially go bankrupt, they usually create hyperinflation to get out of their debts, rendering their currency worthless and wiping out the purchasing power of citizens. Sure, they never call it 'bankruptcy', but it amounts to the same thing.
Altheratively, the last time Argentina went 'bankrupt' in 2002, they defaulted on their debt, wiping out 70% of peoples' savings overnight.
The other problem is, that much of our debt is owned by foriegn creditors. Perhaps you've heard the saying "He who pays the piper calls the tune".
Remove the cap from the Wage Tax, Social Security will be solvent
No, it won't. Not even close, Boompa. I read an article about that several years ago in Parade magazine (the Sunday newspaper insert). This was before the financial crisis. Even then, they were saying removing the cap was a good start but would definitely not fix it all.
Oh yeah, it would be stealing to expect the rich to pay the same percentage as the rest of us.
Boompa, the rich do pay most of the taxes already. 50% of Americans pay NO income tax at all (just SS & Medicare if they work).
Of course, that fact doesn't make it onto the TV too often. Nor is it mentioned by politicians. The Democrats like to make it sound like the poor pay all the taxes and the Republicans don't mention it because they get roundly chastised by the liberal media for daring to mention the facts.
Lets not forget about medicaid besides Social security and medicare. Actuallu medicare and medicaid are in far worswe shape according to the commisiin on just msocial security. Jusra few years ago democrats were saying soical security was fine;how times change.
Yes, it's true Medicare is in much worse shape than SS.
As the old people flex their political muscle and clamor for every speck of free stuff they can get they seem to have no inclination that they will steal their children's wealth and bankrupt the nation.
The system can be funded by applying the tax to all income from all sources and setting the rate to cover current expenses. The problem with the current system is the tax has an upper level cap making it highly regressive and too much money was "saved" in the Reserve fund.
I expect to be collecting a pension and social security in the near future and continue to do so for 20 to 30 years. I have funded SS for WW2 veterans and I expect the younger folk to support this Vietnam veteran.
Tax fringe benefits and the system would be covered. When Social Security started, fringe benefits were rare. Now they're about 24% of salary.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
