Why is that insane? Just curious as to your reasoning.
If it was up to me, I'd opt out of FICA altogether and put the money towards my own retirement vehicles, so that I can have some control over how it is invested. I can do much better on return then what the government is getting.
I’m waiting to see if Senators John McCain (AZ) and Susan Collins (ME) sink this bill when it comes up for a vote.
Here's my admittedly outlier thinking. It's a huge problem that upper-tier employees get salaries in the millions of dollars, oftentimes from companies that pay many of their workers so little that they can scarcely survive, let alone save. Taxing those obscene salaries sends the right message.
As far as the low-wage (or no-wage) earners who don't pay taxes? I'm not okay with that. Unless they have some skin in the game, they're not going to care what others pay.
If it was up to me, I'd opt out of FICA altogether and put the money toward my own retirement vehicles
I totally understand that argument. Forced retirement savings is as unconstitutional as forced health care. The problem is, what do you do with those who won't or can't save, or those who invest in something that goes bust? The original idea of Social Security just being safety net to give people barely enough to survive in retirement was a noble one after the depression. Like any government program, it's spiraled out of control.
Again, it all goes back to restoring a self-sufficient middle class. Add to that, people should be able to get jobs and if they work hard and have good work habits should be able to make enough money to live a reasonable life and put something aside.
I have no clue how the nation gets back to that, without some asymptotic occurrences that will probably cause chaos.