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View Diary: Scarborough is complaining that "taxing the rich" won't "fix" Social Security (26 comments)

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  •  Here's my plan for SS (1+ / 0-)
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    jamess

    It is slightly different:

    Keep the currently reduced rate.  - The point being that the most regressive tax we have should be minimized.

    Eliminate the current cap and move it to whatever it takes to make the current projection for solvency between 30-50 years.

    Update the cap annually for inflation, and readjust it upwards or downwards every 4 years at the midterm point between presidential inaugurations (So next time would be January 2015) to keep it in the 30-50 year range.  

    Keep the marginal rate constant above the cap by having the next to highest income tax bracket pick up where SS stops.  The highest bracket should start at wherever the top 1% percentile begins @40% if we are in balance, 50% if we are in deficit, and lower if we have paid off the debt.  

    Cheers.

    Certainly from our standpoint, this gives us a sense of momentum -- when the United States has accolades tossed its way, rather than shoes. - PJ Crowley

    by nsfbr on Mon Oct 01, 2012 at 06:23:13 AM PDT

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