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POLITICS: Bush: No tax hike for Social Security

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posted on Dec, 9 2004 @ 12:21 PM
During an Oval Office meeting today with Social Security experts, President Bush promised that he would not raise payroll taxes to help pay for "overhauling" Social Security. "Raising payroll taxes is not the way to solve this problem," said Bush. President Bush went on to say that the costs could be "borrowed", but did not address if the nation could afford to borrow to deal with the costs of changing to a partially private account based system.
WASHINGTON (CNN) - Following a meeting with key advisers, President Bush promised Thursday he would not raise payroll taxes to help pay for overhauling Social Security.

"We will not raise payroll taxes to solve this problem," Bush told reporters during an Oval Office meeting with Social Security experts.

"The problem is America is getting older and that there are fewer people to pay into the system to support a baby boomer generation which is about to retire," the president said.

He again reassured retired Americans and those about to retire that nothing would change with the system, which first began paying retired workers monthly in 1940.

"I think it's vital to consider allowing younger workers, on a voluntary basis, to set aside some of their own payroll tax in personal accounts as part of a comprehensive solution to dealing with the Social Security issue," Bush said.

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This private system has been estimated at costing $1 to $2 trillion over 10 years.

I am in favor of the private account system, I would much rather "invest" my own money, rather than having the government save for me.

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[edit on 9-12-2004 by Banshee]

posted on Dec, 9 2004 @ 03:21 PM
In 2001, I was in favor of using a portion of the surplus cash flow from Social Security in order to fund a transition to private accounts. I'm definitely not in favor of borrowing in order to fund the transition. The government will eventually have to raise income taxes far more in the future to pay for the accumulated interest owed each year.

If I was going to design an alternative private retirement system, I would make the contributions to the IRA's, 401Ks, 403B's, and similar accounts exempt from the portion of the payroll tax that's not used to fund Medicare/Medicaid, the Social Security disability program, and the Social Security supplemental program for survivors. At one time, the 401Ks and 403Bs contributions in your pay were not subject to the payroll tax (prior to Reagan's Social Security tax increase). I see no real need for new programs, new accounts, and new bureaucracy.

posted on Dec, 9 2004 @ 03:49 PM
Man, when will they stop making the current generation pay into SS? Since its definitely not going to be around when they retire?

posted on Dec, 9 2004 @ 04:19 PM
Is simple the current generation is the one that is paying for my father and your grandfather's retiretment that is how it works, the ones to pay for ours are not part of the job market yet they are still in grade school.

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