Your last sentence highlights one of the major problems we have, That 80% of the people pay more in SS taxes then income taxes is only part of the problem. A larger one is that so many people pay NO income tax. If every citizen in America, whether they worked or were on welfare, paid SOMETHING, even if it were just 1%, they would then not sit by lamely each time taxes were raised because THEY would be effected as the rest of us are.
I’m not buying your claim we can pay ourselves interest. I have a few hundred thousand in cash I would like to invest and pay myself interest on. If I buy gov’t debt then I am being paid with my own money AND I have to pay tax on it to boot.
And I don’t believe you are correct in your assessment the SS system can be sustained. A 75 year “fix” is a waste of time and effort and merely delays the obvious end to the system as well as makes the cost to fix it more.
They are paying payroll taxes, which really is an income tax. Including the employers share, that amounts to 15.3% of income. Payroll taxes pay for the benefits of those retired. SS is a pay as you go system as is Medicare. Any "surplus" is put into the General Fund. And payroll taxes are regressive.
Im not buying your claim we can pay ourselves interest. I have a few hundred thousand in cash I would like to invest and pay myself interest on. If I buy govt debt then I am being paid with my own money AND I have to pay tax on it to boot.
Facts are stubborn things. Do you believe we can lend money to ourselves?
And I dont believe you are correct in your assessment the SS system can be sustained. A 75 year fix is a waste of time and effort and merely delays the obvious end to the system as well as makes the cost to fix it more.
LOL. Of course it can depending on what changes you make to the system. I gave you some of them. It might involve rasing taxes, reducing benefits, changing formulas and means testing, but the system can be preserved if that is what the people want.