My own simple solution to Social Security is to allow individuals to opt out. If I don't care about receiving benefits later on in life, I should be allowed to not have the funds withheld from my paycheck today. It's telling that this option is, of course, not on the table at this time.
I agree. As my husband and I are the lone employees of our home businees, that extra 16% would be better invested in our company, which in turn would provide the real capital we would need to invest in our retirement! I'm 27, he's 31, so Social Security is not even on our radar as something to look for.
And won't be because it "opts out" those receiving the funds you won't be paying. No realistic proposal anticipates that the people who have been paying the tax will willingly let the government break it's promise.
There are many realistic proposals to get from where we are to where we want to go, yours hasn't shown up because it is not realistic.
The old codgers on SS is too worried about not getting your money now if you opt out of SS. Until we come up with a way to replace the money that those like you and me would not pay in taxes if we opt out they won't go for it.
My solution would be a 10% tax on all imports from China. Judging from Wal-Mart that should bring in Billions.