Subject: Federal Tax.....
Comment: It's time for an overall tax overhaul. We have a Jerry-Rigged system put together piece-meal over the years to appease and gain favor with particular constituancies, age groups, low income, high income, tobacco lobby, unions, teachers, NEA, and the beat goes on. This is similar to a computer program which has been patched to debug and add other routines to solve. In the end we don't know which patch caused the failure, and the Government never reduces spending, but they find a way to pay for tax cuts by increasing the tax burden on those who will not "squeek too loudly" and for the most part have less power than those receiving the tax cut.
Part-and-parcel of any revisions must be attended to in major revisions of Social Security... as, in truth, this is a tax, and Congress has treated this as part of the General Fund beginning with LBJ. When the Boomers retire, who will pay for (where will the money come from) the redemption of the IOUs, Treasury Bonds, on the Asset side of Social Security? Of course, the taxpayer. Why aren't Government Emplyees in Social Security? It's a Ponzi Scheme and the ilk of Ted Kennedy, John Kerry, Nancy Pelosi and Hillary know it all too well. And, we know Private Account would solve this problem. But Congress likes problems that evolve from "stinking thinking"... as they can fool the people into thinking "my Congressman got the bacon for me one more time" when our Senators filabuster the crap out of a subject and sell through smoke and mirrors one more "pig in a poke" to John-Q.
Joseph F. Kerner, MSPA
Member-American Society of Pension Actuaries
PS: I would be pleased to serve on the committee to revise this morrass created by Congress. Most of them should keep their noses out of it as most carry too much baggage to be objective and see the light.