Ben tackles the most important issue on taxes: For what purposes should they be raised? Yes, many rich people can pay a fairer share of the total burden. But the pretense that raising taxes on the rich pays for everything is one cause of our debt problems.
As a high earner, cutting my SS benefits in the future is a lot like a tax increase. I’m fine with the idea that benefits should be actuarially sound between the generations, but I hate the welfare aspect of SS.
I think the real reform would be to direct SS payments directly from children to their parents. Then you know where your money is going and if people have fewer kids they get less benefit. You could have some low minimum benefit raised from everyone’s taxes for poverty reduction.
This analysis against eliminating the cap on earnings that are subject to Soc Sec contributions is not convincing. The airy argument is that some kind of substitution effect may occur, obviating other forms of revenue raising. Yet in concrete terms, a great deal of money is being left on the table, kept by households that can afford to pay it. Eliminating this earnings cap is among the easiest, most just, and most acceptable ways to raise tax revenues and help to reduce fiscal challenges.
Ben tackles the most important issue on taxes: For what purposes should they be raised? Yes, many rich people can pay a fairer share of the total burden. But the pretense that raising taxes on the rich pays for everything is one cause of our debt problems.
As a high earner, cutting my SS benefits in the future is a lot like a tax increase. I’m fine with the idea that benefits should be actuarially sound between the generations, but I hate the welfare aspect of SS.
I think the real reform would be to direct SS payments directly from children to their parents. Then you know where your money is going and if people have fewer kids they get less benefit. You could have some low minimum benefit raised from everyone’s taxes for poverty reduction.
This analysis against eliminating the cap on earnings that are subject to Soc Sec contributions is not convincing. The airy argument is that some kind of substitution effect may occur, obviating other forms of revenue raising. Yet in concrete terms, a great deal of money is being left on the table, kept by households that can afford to pay it. Eliminating this earnings cap is among the easiest, most just, and most acceptable ways to raise tax revenues and help to reduce fiscal challenges.