More on social security
According to a recent poll from USA Today/CNN/Gallup, about 75% of middle income workers surveyed would be okay with limits on social security benefits payed to the wealthy being limited. According to the poll, a majority is against the president's plan for social security, although that does not mean much to me yet since we still do not have any real specifics.
Personally, I think you will probably see the following:
-Perhaps some form of privatization for a limited amount of social security money if it passes
-An increase from the current $90,000 limit on income subject to the tax
-Benefits paid out a little later in life, and perhaps the early retirement age also pushed back
-Perhaps some additional tax breaks of some kind to encourage people to save more, or more pressure on companies to offer 401k's or pensions.
Those are my thoughts, you can read the USA Today story here:
http://story.news.yahoo.com/news?tmpl=story&cid=676&ncid=716&e=21&u=/usatoday/20050209/ts_usatoday/polltapwealthyonsocialsecurity
Personally, I think you will probably see the following:
-Perhaps some form of privatization for a limited amount of social security money if it passes
-An increase from the current $90,000 limit on income subject to the tax
-Benefits paid out a little later in life, and perhaps the early retirement age also pushed back
-Perhaps some additional tax breaks of some kind to encourage people to save more, or more pressure on companies to offer 401k's or pensions.
Those are my thoughts, you can read the USA Today story here:
http://story.news.yahoo.com/news?tmpl=story&cid=676&ncid=716&e=21&u=/usatoday/20050209/ts_usatoday/polltapwealthyonsocialsecurity
posted by bigalsbeans at 11:31 AM
1 Comments:
The most obvious way to make Social Security more solvent is to eliminate the $90,000 cap on income subject to the 6.2% payroll tax for both employee and employer. Why should Alex Rodriguez and the Yankees be done paying by the 7th inning stretch on opening day?
Private accounts aren't necessarily a bad idea. It would be nice to see some specifics. There would probably have to be a mechanism that ensured that no one investing in a private account actually loses money. They would worsen Social Security's finances for at least 30 years, and I don't think more borrowing is the answer.
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