Bob Bowman ... for the People

Issue Paper #23

"How would you protect Social Security?"

Social Security is one of our most important programs. It is unthinkable that we would go back on our word to our senior citizens, or for that matter to those who will become seniors in the future. The Social Security tax (FICA), however, is our most regressive tax, imposing a crushing burden on the working poor and self-employed, while giving a free ride to the very wealthy. My first step would be to propose making FICA a "flat tax," removing the wage cap and taxing all income at the same rate. This would provide far more revenue than is needed to keep the system solvent forever. The next step would be to eliminate both employee and employer contributions to FICA and self-employment tax on the first $20,000 of income. At that point, I would propose a careful analysis of the system’s projected revenue and obligations, with the objective of enhancing benefits and further reducing taxes while guaranteeing the system’s long-term health.

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