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Politics : PRESIDENT GEORGE W. BUSH
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To: Kenneth E. Phillipps who wrote (542761)2/19/2004 8:43:57 PM
From: Peter O'Brien  Read Replies (2) of 769667
 
Kenneth, once again, payroll taxes are "social insurance"
that are supposed to correspond to the "benefit"
you will get at retirement.

Income taxes have no such implied promise.

The fact that payroll taxes are being "invested"
in NON-MARKETABLE Treasury debt is regrettable,
but it does not change the fact that payroll
taxes are assessed on an individual taxpayer
in order to pay for a future implied promise
to that taxpayer.

If you want to get rid of the current payroll
taxes and just have one big progressive income
tax to fund Social Security, then you are essentially
saying that Social Security should be a "welfare program".
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