We've been told that Social Security is in dire trouble and will run out of money in the not-too-distant future. We've been told that the only way to fix this is privatization. But here's a different way: There's an income limitation on the deduction of Social Security taxes from wages. This year, I believe it's approximately $100,000. That means that after a person has earned that much, any further income is not taxed for Social Security. If the income limitation was raised to, say, $200,000, without raising the percentage deducted (which is 6.2%), still much more money could be collected and put into the system and would help defray the so-called crisis in Social Security. It seems like a reasonable way to do it to me. So, why shouldn't we?
2006-07-08
07:52:41
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12 answers
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asked by
Anonymous
in
Government