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To: leadpenny
Thanks for posting. For years I have been saying what the author says.

Remove the FICA Cap!



Fine. Let's also remove the benefits floor, and also cut the FICA tax rate, so that Congress can't continue the scam of "investing" excess FICA revenues in Treasury Bonds that can only be cashed in by further tax revenues from future income tax payers. All of this should crash the system even faster than SSA itself currently projects.
http://www.ssa.gov/OACT/TR/TR03/II_project.html#wp105057
http://www.ssa.gov/OACT/TR/

Not that we have a reliable estimate of the future crash - - just that the projected deficits are severe enough to have reasonable confidence that the system will collapse at some point in the not too distant future:
http://www.cbo.gov/showdoc.cfm?index=3235&sequence=0

13 posted on 02/05/2004 2:09:21 AM PST by Blue_Ridge_Mtn_Geek
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To: Blue_Ridge_Mtn_Geek
Keep it simple. Look at it from a taxation point of view.

The lower income folks get Earned Income Tax Credits which tend to offset the effects of FICA. Those making above the arbitrary Cap pay FICA at a lower rate in relation to income. The middle income person gets squeezed. No EITC and the Cap is always just out of reach. Taxes are a daily, quarterly or yearly thing for most people. This is not a conservative or liberal issue to me - it's a fairness issue.
19 posted on 02/05/2004 2:40:33 AM PST by leadpenny
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To: Blue_Ridge_Mtn_Geek
Remove the FICA Cap!

Remove the loopholes!

Reinstate the death tax!

Make the rich pay!

Eliminate class envy!

End the deficit!

The rich can afford it!

Make the greedy, rich people pay!

More benefits for the poor!

35 posted on 02/05/2004 7:43:34 AM PST by TaxRelief (The episcopal church is dead but the Anglican Church is growing and thriving!)
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