Would you prefer that we instead raise the payroll tax cap so that everyone pays 12.4% of their entire income towards Social Secuirty instead?
Or would you rather prefer that we do nothing, and slowly let the payroll tax go up to 18%?
There is no free lunch. Either take the indexing with a personal account option to increase your earnings, or be prepared to pay even more taxes towards a system that only pays you money once you reach the age of 65-70, and then keeps all remaining money after you die off.
Sunny,
Either you misunderstood my point, or I did a poor job of elucidating it. :-)
I very much support this new proposal, and think it's brilliant. Furthermore, I would much rather have my taxes remain the same today for less benefit in the future.
Actually, I'd rather they got rid of the whole program, but that's not going to happen.