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If you don’t keep them then social security beneficiaries would see a drop in benefits. And you’d lose the tax revenue from ss tax.
by prepend 4y ago
If you don’t keep them then social security beneficiaries would see a drop in benefits. And you’d lose the tax revenue from ss tax.
- lotsofpulp 4y agoThe “lost” tax revenue would be recouped via increased marginal income/sales taxes. But it is politically impossible because an important voting bloc is already getting disproportionate benefits and reducing their disproportion Jan of a way to win elections.
- pkaye 4y agoWhat would happen to those who paid into social security for decades?
- lotsofpulp 4y agoSame thing that is going to happen to all defined benefits, including mine. They will get inflated away. That is the beauty of benefits defined in currency. You can have the nominal amount, and you can even adjust it per a CPI, but whether or not it retains the same purchasing power is pretty much always a no.
- pkaye 4y agoI understand about inflation but would social security and pensions funds be rolled into basic income funds?
- lotsofpulp 4y agoThe feds have the power to issue money. It does not really matter what they get rolled into as long as sufficiently high marginal income/sales tax rates and estate tax rates exist so as to keep the income/wealth gap within a certain range.