Could Estate Taxes Support Social Security?
Estate taxes, which George Bush gratuitously eliminated, once brought in to the government tens of billions of dollars a year.
If this cash flow is restarted, and it probably will be, what would happen to America if it were redirected into the Social Security trust fund?
Social Security paid out 584.9 billion dollars to Social Security and Disability recipients in 2007.
In 2001, the estate tax brought in 23 billion dollars. Who knows what it would bring in today? Even if it were the same and had not grown, 23 billion is 4 percent of 585 billion. Today's revenue from the tax would be much larger.
Added to the fund and invested wisely, it could ensure that Social Security lives forever, and with it, the American dream.
If this cash flow is restarted, and it probably will be, what would happen to America if it were redirected into the Social Security trust fund?
Social Security paid out 584.9 billion dollars to Social Security and Disability recipients in 2007.
In 2001, the estate tax brought in 23 billion dollars. Who knows what it would bring in today? Even if it were the same and had not grown, 23 billion is 4 percent of 585 billion. Today's revenue from the tax would be much larger.
Added to the fund and invested wisely, it could ensure that Social Security lives forever, and with it, the American dream.
posted by Dan McIntyre at 9:57 AM
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