tag:blogger.com,1999:blog-7334408760351487944.post1328675658115920072..comments2023-11-12T06:43:00.060-05:00Comments on Notes on Social Security Reform: Charles Schwab: Cut Payroll, Income Taxes on RetireesAndrew G. Biggshttp://www.blogger.com/profile/16617460431856611873noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-7334408760351487944.post-56795276581638186892017-05-17T01:45:59.134-04:002017-05-17T01:45:59.134-04:00The payroll tax paid by those 65+ is less than the...The payroll tax paid by those 65+ is less than the payroll tax now paid by current workers. In addition, the base is many times higher adjusted for both inflation and wage growth since the these 65+ were born/working.<br /><br />Social Security is the single largest con ever perpetrated. Now some ignorant people want to reduce payroll taxes for those 65+ who work. How about just eliminate the payroll tax. If those now 65+ have paid their fair share, there is nothing to worry about, their accumulated payroll taxes they have paid are sitting in a trust fund with enough funds to pay all their benefits.<br /><br />If you believe that you are truly gullible. Social Security cannot pay scheduled benefits past 2029 (CBO) and 2034 (SSA) and 2028 (Larsen). So why keep the con going? What is going to happen when benefits are cut by 25% in the first year? Will there be support to increase payroll taxes or will the workers see Social Security for what it truly is - a con?<br /><br />Will 160 million workers sit by and let their payroll taxes increase? Will the spouses (non working) of many of these workers also support raising the payroll tax?<br /><br />This is going to get real interesting real fast.WilliamLarsenhttps://www.blogger.com/profile/00226403551284640494noreply@blogger.com