STEVE BEREN ON SOCIAL SECURITY
Regarding Social Security, a balanced plan to protect benefits requires reform of the current system, as follows:
#1: Revenues (principle, accrued interest, and any surplus) should be reserved for Social Security and not raided by Congress.
#2: Younger workers should be given the option of investing a portion of their payroll tax in private accounts.
#3: A portion of Social Security assets should be invested in stocks and bonds instead of U.S. Treasury securities.
This combined approach will ensure promised benefits to those who’ve paid into the system under existing rules, while reducing future deficits and allowing a decrease in the Social Security payroll tax.
We should eliminate federal income taxes for everybody making less than $25,000 a year, and we should greatly reduce taxes for everybody else. This could be done, for example, by raising the personal exemption to $25,000 for each individual family member ($100,000 for a family of four).
Limited government leads to lower taxes, which is better for families and property owners. With lower taxes, liberty is increased because individuals and families have more of their own money - increased take-home pay - for their needs: retirement, food, clothing, housing, education, and health insurance.
When people are able to provide for themselves, they are more likely to achieve prosperity and less dependent on government programs. In turn, this leads to further reduction in government spending, allowing the remaining money to be targeted to legitimate needs, such as military veterans, orphans, and people with severe disabilities.
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