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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (19025)12/20/2004 1:00:27 AM
From: mishedlo  Read Replies (1) of 116555
 
actually it is a bad solution.
Taxes might need to be raised but not for that.
At any rate SS premiums are the most regressive tax of all. This will really put the screws to some middle class couples at the margin, barely able to afford their house payment.

Of course they probably could not have afforded that house, but rising interest rates, rising oil, rising property taxes, and now rising SS tax payments(if passed) will put the hurt to a lot of people Yiwu.

What they should do is shut off SS benefits for the very wealthy. When gates retires should he get a SS payment? There are other things that could be done too. How about a consumption tax above a certain high amt indexed to inflation? That would only hit the very well to do. How about rolling back that nonsense dividend cut (at least on the well to do?)

Mish
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