The following is a tax-neutral and nonpartisan way to continue funding Medicare and Social Security at the current level. I have suggested this to all members of the Congressional "Super Committee," our senators and two local congressmen.
First, remove the upper limit of $106,800 for Social Security deductions on earnings.
Second, allow an income tax credit for those additional deductions to make it tax-neutral. Then the maximum payment to these well-off retirees won't need to increase.
Third, the extra payroll tax money could allow a decrease in the percent paid into Social Security and an increase in the percent to Medicare, which is underfunded.
Finally, Medicare should require means testing for some items, such as scooters and other optional "medical" devices.
All ages benefit from Social Security now. Before Social Security, the elderly frequently needed to live with and/or be supported by younger family members.
Which senior relative do you want living with you? This bit of "socialism" advances the goal of the Preamble to the Constitution to "promote the general welfare."
I don't understand those who are trying to destroy this proven government benefit for ideological reasons. The scare tactics being used on both seniors and our young are unconscionable.
One more deception that is being perpetrated should be addressed.
Lower taxes have rarely encouraged more jobs because wages are tax-deductible to employers. They just encourage more greed.
Mignon A. Craig
AARP Tax Aide Volunteer
Williston, Fla.
