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On 16 Feb 2005 08:36:06 -0800, wrote:
John H wrote:
From whence came that tidbit? What percent of the current withholdings
goes to
support the WODI's you mention above? Remember, if 3% is personalized,
the other
97% is still there to provide the same support.
If the parents of the WODI had been allowed to invest some of their SS
money in
a decent manner and pass it on when they died, perhaps the indigent
wouldn't be
so indigent.
*****************
I thought you were a math whiz.
The employee's SS contribution is about 7.5% of wages, matched by the
employer.
If you take 3% of the employee wages out of the SS system, you are left
with about 75% of the money, not 97%.
We can't break faith with all of the people who have, foolishly,
planned on SS for old age income.
According to Bloomberg.com,
Bush's proposal to allow younger workers to divert 4 percentage points of their
Social Security payroll tax into the accounts would add $1 trillion to $2
trillion to the deficit over 10 years, according to a panel he appointed in
2001.
The 4% (not 3% as I'd thought) is applied to their *tax*, not their income.
I've never proclaimed myself as a math wiz. Where did you get that?
John H
On the 'PocoLoco' out of Deale, MD,
on the beautiful Chesapeake Bay!
"Divide each difficulty into as many parts as is feasible and necessary to resolve it."
Rene Descartes
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