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- Dec 20, 2009
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- Conservative
Anyone who has studied history should understand that government is the worst of all entities to protect your money. Social Security would not have even passed through the courts had it not been for the "Switch In Time That Saved Nine." In fact the SCOTUS gets a bit whacky with its precedents after FDR threatens to stack the courts.
i once had a professor tell me i needed to get over Wickard v Filburn already.
I have some questions CP. Firstly, how are you to force people to pay 5% of their paycheck into a TSP like account?
currently they are putting 7.6% into the Social Security trust fund via the FICA tax. my plan would merely divert 5 of the 7.6% to a personal plan.
Are you going to mandate it?
nope, folks will have the freedom to opt in. perhaps to make it more politically palatable we could offer folks an "opt back" upon retirement, but i would bet that not many would willingly give up that much money.
Secondly, employers are not going to pay 2.65%.
they already do.
They are going to write those costs off to the consumer
actually i think most economists are generally uniform in claiming that payroll taxes come out of compensation. :shrug: but i could be wrong.
In effect you are levying another tax.
no, i am diverting a current tax; which is why i claim that this plan will produce these results without costing my Joe's any money; their tax burden will not increase.