“In the 1950s, there were 16 workers paying into the system for every retiree receiving benefits, but that number will drop to just two workers for every retiree in 25 years, so payroll taxes won’t work anymore.”
» Source: Projects.washingtonpost.com
Republican presidential hopeful Mike Huckabee advocates reforming Social Security by offering more options to seniors and younger workers and swapping all federal taxes for the FairTax.
Here are some of his proposals:
- Huckabee supports enacting the FairTax, a 23 percent tax on consumption, in lieu of all federal and payroll taxes. He says the FairTax will finance Social Security.
- Give larger benefits to those who delay collecting Social Security.
- Offer a lump sum payment to a person’s heirs instead of receiving Social Security payments, or give retirees a chance to purchase a tax-free annuity with their funds.
- If the present tax code continues to exist, he supports allowing younger workers to redirect some Social Security taxes into personal accounts that have a very conservative investment mix.
No record of votes on Social Security is available.