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Politics : Politics for Pros- moderated
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From: DMaA7/27/2011 3:20:20 PM
3 Recommendations  Read Replies (3) of 793783
 
T he mask in front of Social Security has been completely dropped.

Everyone knows that the SS surplus is spent. But everyone seemed to assume the money collected from the payroll tax was for SS expenses.

Uh uh. SS income and expenses are pretty close to balanced. Payroll taxes roughly = SS expenses.

But our dear leader in a teachable moment told us he might not have the cash to p ay SS expenses. In other words, he said, I might have more important uses for the SS revenue then paying SS expenses.

The Payroll tax is just another tax, no different than the income or excise taxes. Keep that in mind when they come to us telling us the the solution to the SS crisis is to increase the payroll tax.

Here's an idea - eliminate the SS tax completely and adjust the income tax accordingly.
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