Subject: Joseph Peters’s plan to integrate social insurance with income tax. Comment: Advantages: – same tax bracket for everybody yet net tax rate is progressive. – equitable to both taxpayers and social security recipients. – automates social security increases and effective tax rates. – eliminates social security trust fund liability. – self-adjusting for inflation. – all social insurance payments including social security pensions ,welfare, disability, and unemployment are incorporated in a single national scheme. The payouts are linked to gross payroll receipts so that government deficits are prevented. |