Economics: Eliminating Social Security Taxes For Older People Would Create A Stronger Tax Base?
Thursday, August 30, 2012 - 17:20
in Psychology & Sociology
Social security is in a crisis even worse than Medicare. Because Congress has consistently spent contributions, social security is always on the edge of insolvency and now that the Baby Boomers have begun retiring, the crisis is going to get worse, with not enough workers to fund the retirees.Ideas such as raising the retirement age are floated by University of Michigen economists have a more positive approach; they say if we stop collecting social security payroll taxes when workers are 55-years old, their take-home pay would jump by 10.6 percent, older people would work 1.5 years longer on average and end up still paying more in income taxes and helping to reduce the Federal deficit while not drawing retirement. read more