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krw[_3_]

In article ,
says...
Han wrote:
Doug Winterburn wrote in news:zksBk.16947
:

It ain't just corporate America - our lawmakers have devised a scheme
whereby they have run up over $4 trillion of debt called "trust funds"
that they claim are assets. Same accounting deceitful practices used by
Enron. Been going on since FDR.

I don't think it was ever a trust fund in the sense of being set aside for
the future. That's just ostrich mentality. All it ever was was a way to
fund retirements from current workers' income taxes.

And now FICA taxes hould be leveled on ALL income, earned and unearned, so
the fat cats pay a little more of the War costs. Although it would mean I
would pay more taxes too.

The "fat cats" are already paying the "war costs".

I'd be all for that so long as:

1) The money *had* to be used to fund SS/Medicare/Medicaid and any
surplus had to be banked and untouchable for other purposes.

How exactly does the government "bank" anything?

2) A simultaneous program of phasing out all SS/Medicare over, say,
50 years was implemented to get government OUT of the business
of retirement - where it has neither any business nor Constitutional
authority to operate.

I'd go for this, but your congress critter wouldn't like the pay
cut.

3) Take the caps off 401Ks and make it clear to people it is their
responsibility to worry about their own retirement. Better yet,
go to a flat tax like the Fair Tax system and eliminate income taxes
altogether.

I'm unconvinced by the "fair tax" but your suggestion, taken as a
whole, is a lot better than what we have now.

--
Keith