Don't Blame Me, I Voted For Kerry Message Board

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Politics : Don't Blame Me, I Voted For Kerry

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To: Kenneth E. Phillipps who wrote (4078)	2/25/2004 12:09:31 PM
From: DizzyG	Read Replies (1) of 81568

With respect to Social Security, Kenneth... I suggest that you read this: Payroll Taxes and the Redistribution of Income The rapid growth in payroll taxes over the past 40 years has imposed a large burden on working Americans. This burden has fallen disproportionately on low-income workers. However, in the context of a comprehensive tax policy, it is misleading to focus on the short-term burden imposed by payroll taxes without accounting for the future benefits they provide through the Social Security program. Social Security benefits are paid according to a progressive formula that gives low-wage workers a better rate of return on their contributions than it gives high-wage workers. The progressivity of the benefit formula outweighs the disproportionate burden imposed by the tax. As a result, low-wage workers can expect to receive benefits that exceed the sum of their and their employers' payroll tax contributions. Middle- and high-wage workers, on the other hand, can expect to pay substantially more into the system than they will receive in benefits. Thus the Social Security system redistributes income from middle- and high-wage workers to low-wage workers. In addition, many low-wage workers recoup some or all of their payroll tax contributions in the short run through the Earned Income Tax Credit (EITC). Overall, middle- and high-wage workers subsidize the income and payroll tax liabilities of low-wage workers, leaving most low-wage workers with net negative tax liabilities throughout their lifetimes.... house.gov Frankly, this wealth redistributer is LONG past its prime. As far as I'm concerned, Social Security needs to be put to sleep. Diz-

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