Do you think we should have permanent tax cuts?

Question

Do you believe we should have privatization, to some degree in Social Security?

I would like to ask why or why not?

There are plenty of great answers here!

Answer 1

Yes , the tax cuts have caused the economy to grow, helped people provide for a better life for them selves and their families. The tax cuts have also caused the federal government to receive more revenue that before they were implemented. It always amazes me to see liberals carp and whine over the under funding of their pet projects, yet rail against the tax cuts that have allowed the government to collect even more money to throw away on useless agendas. I think that is called cognitive dissidence. Privatizing SS is a no brainer. It insures retirees will have money, takes away a large pot of money that every administration has stolen in order to reward their constituents, and will make many of our working class wealthy when they reach age 65.

Answer 2

You can't make tax legislation permanent. Any future congress can always reverse or modify it. Only constitutional amendments have any staying power.

Privatization of social security would only benefit stock brokers. If you are wondering why there is no return on the money, it is because the treasury keeps borrowing it and never repays it with interest. What they should do is to apply the tax to people with wages over $97,000 and put the surplus in the bank.

What we need to do is to stop spending so much money, and borrowing it to give tax breaks to the rich.

Answer 3

Yes and yes...The Laffer curve works, every time it's tried. Privatization is the only way to make the social security system work...Once the Baby Boomers all retire, we will get to a point where every two working Americans are going to have to pay enough into the system to support one person on Social security. We can't afford it.

Edit--Coral, I hope you are joking but I am afraid you are not...how do higher taxes equate to "less money coming out of our pockets"? Where do you think taxes come from?

Answer 4

The tax cuts that have been put in place by the Bush administration have provided a benefit to those making $200K or more per year. There's no reason that more affluent people shouldn't be able to keep more of their money, but this tax cut has resulted in the largest defits since WWII. Bush has increased spending and sent troops to Iraq, but he isn't asking Americans to pay for it. The result is a 3 trillion dollar increase in our national debt. The US government should practice fiscal responsibility and pay down their debts before they reduce tax pressures on the more affluent in this society. No, the tax cuts that were put in place by the Bush administration should not be made permanent.

Related to Social Security, if the Social Security trust fund is reimbursed the money that was "borrowed" by congress to pay off the increasing deficit, Social Security will stay solvent until approximately 2063. In that time, we can make adjustments to how SS is funded, including raising the limit on income contributions from $88K to $120K. This would eliminate the SS crisis. No, SS should not be privatized.

The real crisis in the US is related to Medicare. If the health care system continues as it has for the past 40 years, Medicare will not be able to cover the elderly and disabled. The medical crisis in this country needs to be addressed to enable Medicare to remain solvent. Privatization has not reduced health costs. We need another solution.

Those who argue against a national health care plan tend to forget about the public systems that are already in place in this country. The postal service, libraries, school systems (including head start and public universities), and highway systems are all completely supported by public dollars, and they work well. A national health plan can help to reduce the financial burden on families in need, improve coverage for Americans, reduce the insurance and drug companies involvement in setting government policy, and potentially, save the Medicare system from default. This is the issue that we should be discussing rather than lower taxes.

Answer 5

Absolutely to both. If all of the money which has been confiscated over the years to fund Social Security was left in private hands everyone would be better off. Remember SS increases from year to year average 1-3% and if the money was invested in an average fund the rate would be closer to 8%.

Answer 6

Yes. It helps the whole economy. It also helps the people that need it most....the low and middle income wage earners. I'm very sick of hearing from the Liberal Democrats (most of which are multi-millionaires that tax shelter their incomes) that the rich get a bigger tax break. Of course, they should. They pay more taxes.....that is for the earners of $100,000-$500,000. The Kennedys, Clintons, Kerrys, Gores, and Hollywood all have tax shelters, trust funds and charitible trusts to avoid paying income taxes. It's the ones that earn under $500,000 that can't take advantage of those sweet benefits they set up for themselves.

Answer 7

The countries with the best standards of living are those which have higher taxes, and look after all the population. So I would have to say higher taxes mean less money coming from our own pockets for things like health care, schooling, disability, etc. I would love to live somewhere like France or the Netherlands where higher taxes are a reality, and seem to work out really well.

Answer 8

Money is POWER.
Taxes are a means for political tyrants to take your power and make it theirs to do with as they wish.
If the U.S.A. is to be a government "by the PEOPLE" taxes must be low enough to KEEP the power in the hand of the citizen.
NEVER vote for anyone who wants to raise you taxes.
YES make tax limits a LAW.

Answer 9

Yes to permanent tax cuts.
SS should be fully privatized. It is unconstitutional and unamerican to force me to participate in a government retirement program. It is a massive affront to the concept of individual liberty that our country was founded upon.

Answer 10

Everyone thinks that the democrats are always the ones that are going to raise the taxes, however president bush is relying on a lower AMT (alternative minimum tax) exemption to cover his budget. If you are unaware of this tax you may not be so shortly, because you could be paying this April.