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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (127182)4/18/2011 3:25:30 PM
From: Freedom Fighter2 Recommendations  Read Replies (1) of 132070
 
>Why not require Social Security Tax to be collected on income that is greater than $106,000? <

Because SS was never supposed to be another wealth transfer welfare program.

It was supposed to be pyramid scheme style program that would provide supplemental income to old people.

In other words, you were supposed to save for your retirement and continue working for as long as you had to, but you'd get an extra few bucks from SS at retirement age that would be based on what you put into the system over your lifetime. It would act as an extra social safety net in case you outlived your savings and were too old to work.

The key point is that your SS income was supposed to be based on your life time payments into the system. It was never supposed to be another welfare wealth transfer system.

If it is going to become another welfare wealth transfer system, then the current SS system should be totally abolished. No one should pay SS taxes anymore.

Everyone should just pay extra income tax instead and the only time you get to collect SS is if you are broke and need it in retirement (just like welfare/food stamps etc..)

Then everyone that saved and invested for themselves instead of paying into the system would make out like a bandit and there would still be a welfare system for those that needed it. Of course undoing to whack job left wing pyramid scheme aspect of it would be problematical, but what's another few trillion with Bernanke at the Fed.



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