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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 660.08-0.8%Nov 18 4:00 PM EST
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To: KymarFye who wrote (59332)9/23/2000 5:21:57 PM
From: Les H  Read Replies (1) of 99985
 
They should've kept 401Ks and 403Bs pre-FICA tax as it was in early 80s. And they probably should've made IRAs the same as a credit against FICA. This is hardly an experiment with SS since this was quite successful and popular in the early 80s. State and municipal employees have an opt-out of Socil Security. It's only fair for private sector workers to have that right and opportunity. As regarding scope, Gore's plan would match up to about 10% of someone's income (as opposed to allowing 2% of in Bush's plan). So, since you're evaluating risk by scope, then Gore's would be considerably risky. There would be no assurance that one would keep the money in an Plus account. One could simply borrow or use tax refunds to seed the account, pull out the proceeds after the match, and spend it on crap. There are probably a number of exemptions by which one could probably also avoid paying any penalty on the withdrawal.

EITC was started by Nixon in the early 70s. It depends on what one considers success. The original stated goals of the program were dubious at best.

As for progressivity, that's essentially accomplished by the progressivity in the benefit schedule. FICA was started out as a tax (3%) on a small portion of median income, and the flat rate was so that the plan would not be designated a welfare program.
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