How to Save Social Security in 5 easy steps

Repeal the income tax amendment, with provisions for the payroll tax to remain in operation temporarily as specified below.
Pass an amendment providing for a national sales tax, specified to be no higher than 10%, with no exceptions or special cases. This will encourage saving, rather than spending, and eliminate a cumbersome and abusive beaurocracy.
Establish rules for a private retirement account offered by financial institutions to individuals, similar to 401k rules (eg, allowing for early penalized withdrawals, resulting in a source of emergency capital if required). This account should operate via payroll withholding, but at a level specified by the individual, and the entire amount withheld is to be placed within the account. Accounts are to hold real funds that are inheritable (via transfer into similar accounts of heirs). Withdrawals for the purchase of a home and attached land are not to be penalized. The government must not see a single cent of this money; it should be transferred directly from the employer to the account holder.
Offer individuals currently in the Social Security system the option to "buy out" of the payroll tax. Those who buy out receive the sum of their contributions, not including interest, into their account from step 2, and are never eligible for social security benefits, nor subject to the payroll tax. New workers are not given the option to enroll in Social Security.
Require Congress to fund shortfalls in Social Security receipts from the general fund, in the same manner as they have been funding government programs from the "Social Security Trust Fund" for decades.

(Well, it's 4am, and fixing social security has got to be better than counting sheep).

Posted on 2005-07-09 04:09:42.0 by matthew@triggerfinger.org

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