A Guaranteed Retirement For All
According to current estimates by the Social Security Administration, the trust funds supplementing the payment of benefits will soon be exhausted. At that time, benefits to retirees will need to be cut and/or FICA taxes increased. In other words, the Social Security program is already insolvent with expenditures exceeding receipts; the program is in its final stages of unraveling.
A Payments Tax could provide everyone 70 and over with an annual income of $30,000, replacing our Social Security program. We would be able to guarantee retirement for everyone, and our system would no longer be insolvent.