PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: jttmab who wrote (4078)	8/22/1999 12:23:00 PM
From: Les H	Read Replies (1) of 769670

ntrs.com Adding capital gains to the FICA tax would not work well. The FICA tax on wage income is not collected on the net income, but on the gross wages, salaries, etc. Capital gains are net of gains and losses. There is also the inequity of taxing those who take gains versus those borrow against unrealized gains or just accumulate gains. The latter are usually the wealthy. One should run not walk away from any plan that seeks to increase the size of the government benefits plans, such as Social Security, Medicare, etc. before any attempts are made to rationalize these systems. As of yet, there has never been any real attempt to control costs in these systems, and any new money injected into these systems are malappropriated for other programs. As the above chart from NTRS indicates, putting money into Social Security doesn't increase national savings. Private savings went into the tank after the tax increases for so-called deficit reduction and for 'saving' SS. It also shows how much private savings was diverted to the government by Bush and Clinton.

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