I thought to myself “I bet Cousin Mike will have more information on this.”
I did not know that Obama reduced the payroll deduct by 2%. Lord that had to be a mess.
I do not think reducing payroll taxes, which I know most Americans pay in more than income taxes....Lord 7.65% of their income. One of the greatest pieces of legislature ever passed by the congress critters, who oncit upon a time did their job, was the 401K/IRA thing.
Over the years husband and contributed maybe 3% of our income. It rose to great amounts and I get way more money from my 401K than Social Security, which adding employer’s contribution was 12.9% over the years.
But this requires self-discipline, which is completely free, so the gubmint must control it.
I’m not crazy about SS. But even with incentives to save such as tax preferences, matches and the potential of long term growth, too many people won’t save or make investments that are too conservative. So without SS you’d have masses of people without any income to live from once they could no longer work or contribute in the work place.