2010-04-14

NYTimes makes the case for collapse

Yes, 47% of Households Owe No Taxes. Look Closer.

A look at other taxes, such as the payroll tax. Which is supposed to be a savings plan right? Not so, even the NYTimes admits its a tax:
I realize that it’s possible to argue that payroll taxes should be excluded from the discussion because they pay for benefits — Social Security and Medicare — that people receive on the back end. But that argument doesn’t seem very persuasive.

Why? People do not receive benefits equal to the payroll taxes they paid. Those who die at age 70 will receive much less in Social Security and Medicare than they paid in taxes. Those who die at 95 will probably get much more.
While the piece doesn't make the argument (it's the NYTimes, after all), reading between the lines shows that a strong case can be made for slashing Medicare and Social Security by kicking the wealthy off.

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