Here's an interesting summary and the actual paper around one potential proposal to fix our debt and deficit issue in a way that neither side would like which means it probably is pretty good. The summary is nice, however the actual paper breaks down generic proposals currently used by both sides and why they aren't genuine solutions. I'd love to actually see our candidates have to debate this proposal and where they disagreed with it provide alternatives for how they'd achieve "fiscal responsibility".
finance.yahoo.com
manhattan.institute
Three things I'd propose to adjust:
1. I would remove preferential treatment for long term capital gains. Any increased revenue from this I would use to offset the proposed increase in the % for top income bracket
2. Rather than having one retirement age for Social Security / Medicare - I would start to differentiate the eligibility age by income level. The purpose would be to ensure those that are more likely to have a physically demanding work history have a sooner government sponsored retirement age than someone like me who's posting on a message board on company time.
3. I'd love to find a way to more specifically target the baby boomers for some financial pain as it relates to Social Security / Medicare. They've known this problem was coming for 40 years now and could have made very small adjustments to protect the economy for their eventual retirement. Instead they always chose themselves and kicked the can down to their kids. I'd love to kick it back a bit.
Here’s who will pay to fix the nation’s mushrooming debt
No politician will tell you this, so we will: Well-off seniors are going to bear much of the burden for getting control of the national debt.
A Comprehensive Federal Budget Plan to Avert a Debt Crisis
Note: This report updates the author’s 2018 long-term debt-stabilization proposal and includes additional details and savings recommendations. Annual budget deficits doubled to $2 trillion over 2022–23 and are headed toward $3 trillion a decade from now. Social Security and Medicare face a...
manhattan.institute
Three things I'd propose to adjust:
1. I would remove preferential treatment for long term capital gains. Any increased revenue from this I would use to offset the proposed increase in the % for top income bracket
2. Rather than having one retirement age for Social Security / Medicare - I would start to differentiate the eligibility age by income level. The purpose would be to ensure those that are more likely to have a physically demanding work history have a sooner government sponsored retirement age than someone like me who's posting on a message board on company time.
3. I'd love to find a way to more specifically target the baby boomers for some financial pain as it relates to Social Security / Medicare. They've known this problem was coming for 40 years now and could have made very small adjustments to protect the economy for their eventual retirement. Instead they always chose themselves and kicked the can down to their kids. I'd love to kick it back a bit.
