Tax Reform ATR believes that all consumed income should be taxed one time, at one low and flat rate. Link
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CoGC: Are Taxpayers: Broken-Hearted or Just Plain Broke? Government Drives Up the Cost of Valentine's Day http://t.co/TV6nHYzf
February 09, 2012 09:01 AM
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The Education and Workforce Committee holds hearing on NLRB "Recess" Appointments http://t.co/2ED4u4t8
February 08, 2012 03:47 PM
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Senate Highway Bill Violates Taxpayer Protection Pledge http://t.co/z7IETuQT
February 08, 2012 11:02 AM
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OK Gov. Mary Fallin Releases Bold Tax Reform Plan http://t.co/oRPWYGKb
February 07, 2012 06:02 PM
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Senator Hatch looks to improve the Senate's Highway Bill http://t.co/rOZQENlQ
February 07, 2012 04:47 PM
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Senator Hatch tries to make a bad bill better http://t.co/F6VYT9NI
February 07, 2012 03:32 PM
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ATR Opposes Retroactive Tax Hikes http://t.co/XX2lRMyH
February 07, 2012 11:02 AM
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Has your Governor Issued a Proclamation Honoring Ronald Reagan on Feb 6th ? http://t.co/bHatxoTg
February 06, 2012 05:16 PM
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RT @timothy_stanley: Just interviewed @GroverNorquist. Flipped my view of the recession/election: recovery due to stopping Obama tax hik ...
February 06, 2012 04:46 PM
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RT @GroverNorquist: Reagan Birthday proclamations by 34 Governors, both R and D (Utah & Nevada just joined) 16 bitter D Govs fail test o ...
February 06, 2012 04:45 PM
GroverNorquist
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PrintSocial Security and Medicare:
Even Worse Deal for Younger Workers
The Social Security and Medicare Trustees report came out today, about five months overdue.
The topline data is pretty bad. Social Security is paying out more in benefits than it collects in taxes this year and next, and will do so permanently starting in 2015. So Social Security is officially in the red.
For Medicare, the report says that everything is fine, unless of course you assume what everyone does--that Medicare-earmarked tax revenues will in fact be used to pay for Obamacare, in which case Medicare is broke.
Most of the analysis has focused on the solvency of the systems. That's not really the point. The point is how workers will fare in retirement. The answer is "not well." Taxes will be paid over a working lifetime, and borrowing will have to be used on top of that--just to pay current benefits. Then, in retirement, today's workers will face a worsening situation that will likely result in benefit cuts and/or tax increases.
That's not a good solution. There is a better way.
If younger workers could pre-fund their retirement by saving their payroll taxes in a 401(k)-style account, they wouldn't need to rely on future taxpayers for their pension and health benefits. They already would have been pre-funded. This has been exhaustively-debated for thirty years, but it really is the only way to address the long-term overspending problems involved here.
