I also think the "communal" aspect is important....
Thus as an addendum to my prior post, if the numbers work,
I'd do something that would appear contradictory,
at first, until you factor in the second part.
I'd cut social security taxes by 30 to 50 %
and apply the tax to all income without the $65,000 cap
in conjunction w. means testing.
The tax would be flat at about 3 to 5% of income.
1 millionaire would thus pay $30 to $50 thous in SS tax
instead of the current amount at 7% or $4,550
Difference = 40,000(@4%) - 4,550 = 35,450
Joe Sixpack making $35,000 would see his taxes
reduced from $2,450 at 7% to $1,400 at 4% or
$1,050, thus 1 millionaire could offset the lost SS
tax revenues of approx. 35 Joe Sixpacks.
If the millionaire loses all his money, or Joe Sixpack
wins the lottery- either one may or may not need
Social Security income eventually.
However, if the SS system reverts back to what its
real intention was- a rainy day "granny" fund-
rather than another entitlement program, then modern
day robber barons like Bill Gates and Paul Allen
would really contribute to the overall well being
of the country rather than through egotistically
driven philanthropy.
Again off of my soap box.
The soap box is again open to affirm or rebut.
z |
