A Proposal to Save Social Security (2/18/24)

• All federal assistance should be funded from general tax revenue. The intent of the Social Security Act of 1935 was to provide funds from general tax revenues to the states to cover the blind, surviving spouses and dependents.
  The simplist and fairest way to save Social Security is based on these principles:
  1. secure the current promise of Social Security to provide Federal Assistance to surviving spouses and dependents.
  2. use general tax revenues to cover the federal assistance benefits that are now included in Social Security.
  3. do not expand the promise of benefits within Social Security.
  4. minimize intergeneration transfers by taxing gifts and estates.
  5. change the benefit formula of old-age benefits to insure that benefits are proportional to contributions
  6. exclude disability benefits from Social Security,
     Disability is more appropriate to be considered as a health condition. The cost of disabilities that are related to military service should be funded by the Veterans Administration.
• Do you know how the current asylum-seekers, refugees and illegal immigrants are threatening the viability of our entitlement programs? That's Biden's biggest mistake and now his legacy. Do you know what the costs of anchor babies are? The CBO doesn't tell us unless if affects their 10-year federal budget projections. Do you know how both political parties and the Supreme Court have created incentives for poor immigrant familes to come here?
• Are you aware of the Republican Party's barbell tax strategy of increasing the child tax credit at the same time they are rewarding their mega donors with income and estate tax cuts, the backdoor Roth IRA, Donor Advised Funds, perpetual Dynasty Trusts, Opportunity Zones, and the Qualified Business Income Deduction. They have created tax benefits with the help of Democrats to reduce the payroll taxes that help fund Social Security and Medicare.
• Our goal in reforming Social Security will attempt to provide benefits that are actuarially proportional to your contributions. To accomplish this goal will be to focus on increasing the tax on capital gains, trusts, the Roth IRA, gifts and estates. State and local government already impose property taxes on real estate. A few states impose taxes on intangible property like stocks, bonds, mortgages, copyrights, and patents. A more practical way is to impose a tax on assets at the time there is a transfer of ownership The only exemption from this tax at the time of realization and recognition might occur when assets are transfered between spouses.