Subject: Tax Reform Proposal
Comment: Please consider the attached..........
Please respond to let me know that this has been read.
April 26, 2005
My greatest concern is that this panel has the desire to simplify taxes.
I would like to present for your consideration an option, a concept that will be acceptable to all Americans. It is so simple that it deserves consideration.
What if, the wealthiest 1% or 2%, those paying the “death tax”, were to leave their estate taxes to the Social Security “personal account holding account”. I firmly believe everybody wins and it pays for itself.
The Federal government, Social Security Administration, would collect the estate taxes.
It would establish a personal account for each American child born after Jan 01, 2010. At the time the child gets a SSN.
Each child would receive $1000.00 per year until age 18. That would give these kids over 3/4 million dollars by retirement. (6% annual interest compounded monthly for 50 years).
At age 18, they would opt to continue paying a portion of their SS contribution to a private account or opt –out and pay into SS only. They would not loose their personal account.
The estate taxes collect and put into the “personal account holding account” at the 6% rate, would pay for $1000/year/child for 3 million children born each year.
My informal polling shows everyone happy, even politically.
The very successful people would provide a solid basis for all kids saving for their future and retirement, and certainly reduced administrative costs.
Please send me an e-mail letting me know that this has been read.
Thanks and keep it simple!