New Democratic Innovation To Salve Social Safety Calls For Increased Social Safety Taxes
Thursday, March 8, 2012
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Title : New Democratic Innovation To Salve Social Safety Calls For Increased Social Safety Taxes
link : New Democratic Innovation To Salve Social Safety Calls For Increased Social Safety Taxes
By Robert Wenzel
The government-run retirement Ponzi scheme, known every bit Social Security, is inwards deep fiscal trouble.
It is already cash-flow negative together with this does non fifty-fifty reckon the work that the assets held yesteryear the Social Security Administration are U.S. Treasury securities for which the regime has no gain cash to redeem.
What a dandy fourth dimension to expand SS benefits, which is only what the Social Security 2100 Act that has been introduced on Capitol Hill inwards the House yesteryear Rep. John Larson, D-Connecticut calls for.
Social Security recipients would get an increase of nearly ii per centum from electrical flow average benefits. And, the yearly cost-of-living adjustment would travel changed inwards a trend that would to a greater extent than accurately reflect rising costs for beneficiaries.
How volition this travel paid for?
By higher taxes.
The neb would involve that turn a profit higher upwardly $400,000 travel at nowadays bailiwick to the payroll taxation that funds the program. Currently, turn a profit higher upwardly a sure as shooting degree — $132,900 for 2019 — are non bailiwick to Social Security taxation.
In addition, the neb every bit good would gradually increase the payroll contribution yesteryear workers together with employers to 7.4 per centum each yesteryear 2043 from 6.2 per centum (to 14.8 per centum altogether from the electrical flow 12.4 percent).
Of course, the fact that the government doesn't stimulate got the gain cash, mentioned above, to redeem the Treasury securities that the SS management volition stimulate got to liquidate to run across upcoming obligations nether the electrical flow innovation (or the futurity Larson plan) is never taken into consideration.
In other words, a typical regime innovation lacking deep idea that volition heighten taxes but even together with thus croak on everything a mess.
Robert Wenzel is Editor & Publisher of together with Target Liberty. He every bit good writes EPJ Daily Alert together with is writer of The Fed Flunks: My Speech at the New York Federal Reserve Bank together with most latterly Foundations of Private Property Society Theory: Anarchism for the Civilized Person Follow him on twitter:@wenzeleconomics together with on LinkedIn. His youtube serial is here: Robert Wenzel Talks Economics. More nearly Wenzel here.
You are now reading the article New Democratic Innovation To Salve Social Safety Calls For Increased Social Safety Taxes with the link address https://inspirationsbymeforyou.blogspot.com/2012/03/new-democratic-innovation-to-salve.html
Title : New Democratic Innovation To Salve Social Safety Calls For Increased Social Safety Taxes
link : New Democratic Innovation To Salve Social Safety Calls For Increased Social Safety Taxes
New Democratic Innovation To Salve Social Safety Calls For Increased Social Safety Taxes
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| Charles P{onzi |
The government-run retirement Ponzi scheme, known every bit Social Security, is inwards deep fiscal trouble.
It is already cash-flow negative together with this does non fifty-fifty reckon the work that the assets held yesteryear the Social Security Administration are U.S. Treasury securities for which the regime has no gain cash to redeem.
What a dandy fourth dimension to expand SS benefits, which is only what the Social Security 2100 Act that has been introduced on Capitol Hill inwards the House yesteryear Rep. John Larson, D-Connecticut calls for.
Social Security recipients would get an increase of nearly ii per centum from electrical flow average benefits. And, the yearly cost-of-living adjustment would travel changed inwards a trend that would to a greater extent than accurately reflect rising costs for beneficiaries.
How volition this travel paid for?
By higher taxes.
The neb would involve that turn a profit higher upwardly $400,000 travel at nowadays bailiwick to the payroll taxation that funds the program. Currently, turn a profit higher upwardly a sure as shooting degree — $132,900 for 2019 — are non bailiwick to Social Security taxation.
In addition, the neb every bit good would gradually increase the payroll contribution yesteryear workers together with employers to 7.4 per centum each yesteryear 2043 from 6.2 per centum (to 14.8 per centum altogether from the electrical flow 12.4 percent).
Of course, the fact that the government doesn't stimulate got the gain cash, mentioned above, to redeem the Treasury securities that the SS management volition stimulate got to liquidate to run across upcoming obligations nether the electrical flow innovation (or the futurity Larson plan) is never taken into consideration.
In other words, a typical regime innovation lacking deep idea that volition heighten taxes but even together with thus croak on everything a mess.
Robert Wenzel is Editor & Publisher of together with Target Liberty. He every bit good writes EPJ Daily Alert together with is writer of The Fed Flunks: My Speech at the New York Federal Reserve Bank together with most latterly Foundations of Private Property Society Theory: Anarchism for the Civilized Person Follow him on twitter:@wenzeleconomics together with on LinkedIn. His youtube serial is here: Robert Wenzel Talks Economics. More nearly Wenzel here.
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You are now reading the article New Democratic Innovation To Salve Social Safety Calls For Increased Social Safety Taxes with the link address https://inspirationsbymeforyou.blogspot.com/2012/03/new-democratic-innovation-to-salve.html