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What about raising taxes to pay for the pension gap? They always talk about Social Security being in some kind of crisis. Social Security is taxed at 6.2% of in
by gboss 7y ago
What about raising taxes to pay for the pension gap? They always talk about Social Security being in some kind of crisis. Social Security is taxed at 6.2% of income for the first ~$130k of a person's income in a year. While the taxable threshold increases with inflation, we could give it a boost to better balance the books and set it to the first $400k of income.
- roenxi 7y agoWouldn't that be roughly equivalent to borrowing from future generations? Although accounting math says you can borrow from someone who isn't born yet that is impossible in the physical world we live in; it is bound by laws of time and space. It is easy to assign a negative number to an unborn child, but when people consume real goods and services they have to be provided from what currently exists. The person providing the goods is the one who will be on the hook if future generations don't feel like honouring the debt.
- AnimalMuppet 7y ago> Wouldn't that be roughly equivalent to borrowing from future generations? No? It would be roughly equivalent to saying that income greater than $130K also paid Social Security tax.