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When social security triples (due to number of dependants), which it will do in less than 20 years, it will require a 100% tax rate. After that, costs will inc
by waps 14y ago
When social security triples (due to number of dependants), which it will do in less than 20 years, it will require a 100% tax rate.
After that, costs will increase further.
- philwelch 14y agoNot if productivity also triples. The mistake is having a separate payroll tax earmarked for social security. If the government just eats the liability, drops payroll taxes, and raises income taxes to compensate, it'll be fine. Alternatively they could just supplement payroll tax out of the general fund. It's not nearly as dire as the doomsayers make it sound.