I watched about 5 minutes of tonight's Democratic debate. During that time I listened to John Edwards call for lifting the cap on social security taxes, stating that the fact that someone who makes $50 million is only taxed on the first $97,000 is wrong.
No, that's not wrong at all. After all, the premise of the plan is that it forces people to save for their own retirement by transferring money to the government, to a trust fund, which then transfer it back to the individual upon retirement. So if you're only funding your own retirement then there is no need to be taxed to such a high amount.
What IS wrong is that social security is a ponzi scheme that would be illegal if any company adopted a similar pension plan for its employees. If any private company operated in such a fashion you can guarantee that most of the corporate suite would be hauled off to jail. Rather than admit just how flawed the entire operation is, John Edwards simply wants to steal money from taxpayers to make amends for the government's financial shenanigans. Hey, when you can just take money from a minority of the population -- and the rich are a minority by definition -- why make tough choices?
No, that's not wrong at all. After all, the premise of the plan is that it forces people to save for their own retirement by transferring money to the government, to a trust fund, which then transfer it back to the individual upon retirement. So if you're only funding your own retirement then there is no need to be taxed to such a high amount.
What IS wrong is that social security is a ponzi scheme that would be illegal if any company adopted a similar pension plan for its employees. If any private company operated in such a fashion you can guarantee that most of the corporate suite would be hauled off to jail. Rather than admit just how flawed the entire operation is, John Edwards simply wants to steal money from taxpayers to make amends for the government's financial shenanigans. Hey, when you can just take money from a minority of the population -- and the rich are a minority by definition -- why make tough choices?
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