If I read Doug Bandow’s “Social Security’s War on Families” correctly (Views, August), the high-end projection of the cost of Social Security and Medicare would be $50 trillion. If privatization of Social Security is accomplished, we could expect a $20-trillion decrease over the next 75 years. This is using high-end figures, which generally become lower-end. Am I correct that this still leaves Social Security in a $30-trillion deficit 75 years down the road?
The Democrats’ solution to Social Security is to have Social Security taxes applied to 100 percent of taxpayers’ salaries and to add a Social Security tax to dividends and capital gains. Does Mr. Bandow have any figures on how much money this would raise? The other possibility is a one-time tax on all wealth. As Mr. Bandow stated in his article, “all wealth” amounts to only $35 trillion. So, if they took it all, they still would not be able to bail out Social Security.
—Larry J. Hall
Mr. Bandow Replies:
Subjecting all income to Social Security taxes, like most other tax-hike proposals, would not close the fiscal gap. The best hope for salvaging America’s fiscal future...