General Discussion
In reply to the discussion: Let's try this again: No, Social Security is NOT insolvent. [View all]Taitertots
(7,745 posts)When it should have been taken in the form of progressive income taxation. Why do you support harsh regressive taxation to pay for wars and tax breaks for the wealthy?
Your position would make sense if the trillions paid in by boomers wasn't spent on tax breaks for the wealthy and wars. And if the income tax rates weren't very low for the people who gained the most from raiding the SSTF.
"Not to mention, raising payroll taxes enough to support the retirement of the boomers, based on the number of people working at the time, would be a fast and easy way to kill the economy and horribly strain working people, unless you think they can afford to give up another ~$2,000 a year in payroll taxes."
Sounds like we should remove the income cap and make the rate progressive.
I'll try to summerize my position. The wealth has been transfered and income taxation can't bring it back. If you gave me a trillion dollars the top marginal income tax rate could be 99% and my grandchildren would die the richest people on the planet. We gave trillions to the wealthy now they are paying us back with the interest. Hardly sounds like a fair and equitable way to run an economy.