A Brief Abstract - The BEST Social Security
Modernization Plan
The BEST Social Security Mod Plan is the BEST Social
Security solvency plan because unlike other Social Security plans it doesn’t
focus on the same ideas that have been unsuccessfully rehashed over the last
several decades. Instead, it uses bold, creative, progressive ideation.
It takes a new look at the way Americans work and earn
money, and concludes that all modes of work: physical labor, mental labor and
financial investment labor should be treated equally. Using principles of
logic, it concludes that there is no basis for treating income earned by
physical labor and that by financial investment and speculation differently or
that wealth should be entitled to any differential treatment by the Social
Security or the federal income taxation program.
As a result, the BEST Plan finds new sources of revenues for
the Social Security trust fund by adding the definition of earned income for
purposes of Social Security taxation monies earned from short term capital
gains, all forms of rental income, and requiring newly hired State and local
employees to pay Social Security taxes for a five year period after being
hired.
It also creates a progressive three-tier system of taxation
for contributing to the trust funds without removing the payroll tax cap on
earnings.
In addition the BEST Plan is adamantly opposed to any
attempts to make the Social Security program means-tested.
Details on the above can be found by reading my earlier
posts on this blog and by posting your comments or questions in the comments
sections.
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