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Today is Social Security's 79th birthday, a good time to celebrate the nation's most effective anti-poverty program, which, especially after the housing crash and Great Recession, is crucial to the retirement security of middle- and working-class Americans.
When Social Security started unearned income was treated the same as earned income and was taxed at the same rate. One of the major factors in dismantling the New Deal was redefining and separating incomes and changing rates of taxation under the false argument that it created jobs.
Another way of funding Social Security would be to put a Social Security tax on robots and business computers. That technology has taken more jobs than offshoring and thus reduced the revenues for FICA and Medicare. It would be fair and make sense to increase the cost of automation to the employers, thus damping their desire to replace workers with machines. You remember when ATM were introduced their use was free because it "reduced labor costs". Once everybody became addicted to using them and had stopped planning their banking needs ahead the banks started charging for them. Ain't Capitalism great?
Another way to fund Social Security is from the general fund just like the military. That possibility was anticipated when the Social Security Act was enacted. In fact it was military spending that led to the inclusion of FICA revenues into the general fund calculations. Johnson wanted to hide the expense of Vietnam so with the help of Congress included the FICA revenues which were in surplus every year to obscure the deficits of the war.
Reagan to hide the effect of his earned and unearned income tax cuts, doubled FICA taxes. He was responsible for the largest tax increase on working Americans ever and somehow he is lionized. Another example of the 1% hoodwinking the 99%.
originally posted by: rickymouse
Robotics has taken a lot of jobs away, and the actual savings of this technology is little when you figure in all factors. Working people can buy your products. The free trade agreement was the problem, allowing substandard paying jobs in other countries with less safety in the job place to flourish. It also caused a lot more pollution worldwide because of the lack of environmental laws in these countries. Even in these countries, robotics is taking away these low paying jobs and their people are starving.
I agree, tax the robotics to cover the cost of lost jobs. Tax companies use of computers that replace human jobs.