Spare_change
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- Jun 27, 2011
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- #621
Editorial by Lee Ohanian, Professor of Economics at UCLA
First, it's misleading to call the Payroll Tax a tax. It's really an insurance payment that guarantees we receive social security and Medicare after we turn 65.
It's involuntary and there's no guarantee it will be solvent when I retire, so it's a tax. Insurance also has a limit on payouts, Social Security and Medicare allow people to take out many times what they put in.
"Fair share" is arbitrary and subjective, what matters is how to finance the massive spending bills both parties keep passing. Don't begin to tell me any Republican is actually practicing limited government.
If you bought the right kind of insurance, you're allowed to take out many times what you put in.
"Fair share" is a nonsensical term used by socialists who are too lazy to work for their own betterment, and want to have someone give it to them.