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To: kabar
The current Trust Funds total almost $3 trillion, more than enough to cover the shortfalls while negotiators work out an alternative to the payroll tax.

What would that alternative be?

Trump has stated repeatedly that he wants to protect SS and Medicare.

He has said that, yes.

Payroll taxes are just one way to fund these programs. There are other, better ways to do it.

For example?

It is not a matter of whether the Reps and Dems WANT to work together. They MUST work together to avoid a crisis where SS and Medicare recipients will have their benefits cut by 20%, by law.

So eliminating Social Security and Medicare funding is a ploy to get the Republicans and Democrats to work together? You really think that Washington is capable of doing that? With the "leadership" we have? Really?

265 posted on 08/11/2020 3:34:47 AM PDT by DoodleDawg
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To: DoodleDawg

The alternative will be worked out thru a process similar to zero based budgeting. Everything is on the table. Benefits reviewed, revenue requirements determined, and how best to raise the money.

As I indicated, 70% of wage earners pay more in payroll taxes than income taxes. And 50% pay no income taxes. Eliminating the payroll tax could be replaced using a variety of sources. For example, you could have a small, minimum income tax for that 50% and combine it with various surcharges on other financial/sales transactions. Obamacare was partially funded using a surcharge on the sale of residences.

Neither you or I can come up with the best way to raise the needed revenue. But it can be worked out. We are a wealthy country.

The status quo is not an option. Historically, Washington needs a crisis to act. Look at how quickly the first multi-trillion pandemic package was put together. I could cite many such instances. Both parties will be forced to act. They have no choice. Simple as that. I would prefer a well-thought out solution crafted without an imminent crisis. That may be a bridge too far.


266 posted on 08/11/2020 5:09:53 AM PDT by kabar
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