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Reply to "What really needs to be fixed in the tax code?"
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[quote=Anonymous]For millions of Americans, reforming the federal tax code means very little as they pay little to no federal taxes but are hit much harder by payroll taxes for SocSec and Medicare. Traditionally SocSec has been taxed at first earned dollar, and capped a the top, because everyone collects equally based on their historic earnings. Tax reform should exempt the first $10-$20K of earned income (including 1099 self-employed income) and lift the caps to a higher income threshold sufficient to make it revenue neutral, including a retirement/disability/survivor stipend for people who fall below the threshold. Of course, this should be just an interim step to completely re-jiggering a program that makes no sense in terms of current retirement planning to anyone under the age of 50 and taxpayers facing a system that is unaffordable in its entirety.[/quote]
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