I keep seeing and hearing how those in retirement or near will be "hurt" by this tax change. For one, those are the same people who paid MUCH less for most of their careers in Soc UnSecurity taxes than the current tax rates. Second, they will be getting more and more government handouts like free drugs. Third, they are implying that the tax code should not be changed so others can be penalized instead of them. No wonder the "greatest" generation is being seen more and more as the "Greediest" generation.
Wrong generation, the Greatest Generation is in its final years. You are talking about the front end of the Baby Boomers.
John, I take strong exception.
As a newly retired, I expect to take a net loss on my SS contributions. I got higher return on the remaining portion of my savings I was able to invest on my own. That money is just wasted as far as I am concerned.
I didn't ask for free drugs. I've had experience with 'free' drugs under my former employer's health plan. Believe me, I'd rather do it myself. It's cheaper and a lot less hassle. TANSTAAFL.
And to your third point, I think any kind of absolutely no exceptions flat tax, either consumption or production is fairer and more efficient in the economic definition of that word. It would be much better for the country in the long run. I favor that. It just grinds my gears to have to pay 'greedy' politicians coming and going. We've worked, saved, and made plans under one set of rules. They can change them again. They'll come up with another cool theory some day. Some day you may find that you can't adapt so easily anymore. God bless you.