Word: taxed
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...projection proves to be accurate, there is no need to privatize Social Security. As Democrats and some Republicans have consistently pointed out, a modest correction in the formula for Social Security can overcome the deficits predicted, without the need for drastic structural change. Slightly raising the payroll tax, raising the cap on taxable income above $90,000, raising the retirement age, progressively indexing benefits, or a combination of any these will assure the program’s solvency. If the “middle” projection proves true, and Social Security is the Titanic heading towards an iceberg...
Diverting payroll taxes towards privatization without drastically cutting benefits to current retirees will only increase the gap between tax income and entitlements that the Trust Fund will eventually be called upon to cover. Simply put, our generation will not only lose the benefits of Social Security but will be forced to pay the cost of implementing a worse plan. As workers begin to divert their payroll taxes into private accounts, there will be substantially less government money available to fund pensions. This shortfall means that privatization will cost several trillion dollars to implement, in addition to whatever deficit Social Security...
...holding the bill for a hugely ineffective program, and as a reward we would receive smaller retirement benefits and be exposed to more risk. Bush talks about promoting an “ownership society,” but most Americans want to live in a land of opportunity. From tax cuts for the rich to handouts for insurance and credit card companies, the ownership society is about ensconcing the rich and closing out opportunities for everyone else. The best way to promote opportunity is to strengthen tried and true social programs, not dismantle them...
...Howard is staring at one big mountain to climb by election day. And last week, a few medium-sized boulders thumped down onto his path, courtesy of his own team. The Tories' deputy chairman, Howard Flight, was taped at a Conservative meeting saying that the party's announced tax-cutting plans - pegged at a modest $7.5 billion to deflect Labour salvos about the Tory threat to public services - were only a down payment on its true intentions. "Everyone on our side of the fence believes passionately that [tax cuts] will be a continuing agenda," Flight said. The current proposals...
...engineers, musicians, nurses and even lawyers who drive economic growth in today's knowledge economy. Attract those workers, and companies will follow, argued Florida. Some cities, like Detroit and Cleveland, Ohio, took the theory to heart. In other circles, Florida was written off as a quack. (Consider the subtext: tax breaks to lure business are pass?...