auditor0007
Gold Member
And how do you think we are going to continue to pay for Medicare? And Social Security for that matter?
According to a recent analysis by the Congressional Budget Office, tax rates would have to increase by 90% to pay for projected spending in Medicare and Social Security through 2050.
As the population ages, the study says, the lowest tax rate on individual income will need to jump from 10% to 19%, the tax rate on incomes in the current 25% bracket will have to soar to 47%, and the highest rate could jump from 35% to 66%. To meet the accelerating cost of entitlements, the top corporate income tax rate also will likely need to increase from 35% to 66%.
Can you say job killer!!!
What you don't understand is that most people will not be able to afford the portion they are responsible for. And those who can will actually pay much more to do so. Raise the retirement age, so people put money into the system for a few more years and collect from the system for a few years less. Neither SS nor Medicare was meant to cover retirees for 13 to 15 years.