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Canada Goose online Judy Moses, 71, prepares to be arrested during a protest in 2011 against cuts to federal safety net programs, including Social Security, Medicare and Medicaid. (Scott Olson/Getty Images) Canada Goose online
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Canada Goose sale Even though the future of Social Security has received little attention during this campaign, the next president will have to decide how to approach the program’s problems. Absent any legislation, the cheap Canada Goose Social Security Trust Fund will be exhausted by the mid 2030s, requiring a 25 percent cut in benefits. Sensible policymakers should make changes now in order to avoid abrupt changes later. Canada Goose sale
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canada goose store On the other hand, Social Security faces a 75 year deficit equal to 2.66 percent of workers’ covered earnings. That is, if the payroll tax uk canada goose outlet rate were raised immediately by roughly 2.66 percentage points 1.33 percentage points each for the employee and the employer the government would be able to pay the current package of benefits for everyone who reaches retirement age at least through 2090. But raising the payroll tax, which has no deductions or exemptions, places a significant burden on low wage workers. canada goose store
buy canada goose jacket In addition to raising payroll tax rates, other options exist for increasing revenue buy canada goose jacket to eliminate the deficit, such as broadening the payroll tax base by including the value of employer paid health insurance premiums or increasing the cap on taxable earnings buy canada goose jacket cheap currently $118,500 to gofind.ca cover, say, 90 percent of earnings. buy canada goose jacket
canada goose coats Another alternative that merits some consideration is to move the cost burden associated with Social Security’s legacy debt costs accumulated by paying benefits to earlier generations far in excess of their contributions. Soon after the program was set up in the 1930s, the first recipients were only required to pay taxes for a short period before becoming eligible for benefits. For example, the first recipient, a woman named Ida May Fuller, worked under Canada Goose Parka Social Security for less than three years and ended up collecting benefits for 35 years. Many of the early canada goose uk shop beneficiaries had fought in World War I or had suffered Canada Goose Outlet losses in the Great Depression, so the decision may have been wise. But the cost of that decision was to forgo the buildup of a trust fund whose accumulated interest could have covered a substantial part of today’s benefits. canada goose coats
canada goose clearance The question now is whether current and future workers should be asked to pay the higher payroll tax resulting from the decision to give away the trust fund, or whether they should in essence be asked to pay simply what they would have to contribute in a fully funded system. One could argue that the legacy burden should be borne by the general population, in proportion to each taxpayer’s ability to Canada Goose online pay under canada goose coats the federal personal income tax. The legacy debt must be paid one way or another, but the income tax is a canada goose coats on sale more equitable mechanism than the payroll tax. With the legacy debt transferred to the income tax, our current payroll taxes would cover scheduled benefits canada goose clearance.
