Would you be amenable if given this choice:
You do not get what you contributed in Social Security when you retire IN EXCHANGE for NOT BEING TAXED on your current retirement income.
For instance, let’s say you are now 65, and throughout your working career, you saved enough in your 401K, IRA and other retirement accounts to get an income of $60,000 average for life, and you should be receiving an addtional $20,000 per year in social security.
You may give up the $20,000 in social security due you, in exchange for being taxed only for $35,000 of your income (That’s $20,000 plus an addtional $5,000 ).
Interesting proposition.
I have to do some math and report back.