- Number one is to eliminate everyone that never paid into the system. Social Security was a pension scheme for workers. It was never intended as a lifetime welfare program. It was intended to help a worker after he retired, not pay a drug addict a check from the age of twenty-five till the day he overdoses. Other programs can be set up for welfare payments. It should not be the burden of people who had their payrolls taxed for retirement.
- All savings from payroll and wages should be tax exempt. It makes no sense to discourage capital formation and savings which helps create jobs and tax payments into the system.
- Eliminate the earning restrictions on retried people. Why discourage payments into the social security system? In fact the opposite should be done. Eliminate federal taxes from those working after retirement age. They would continue to pay into social security but in exchange for them deferring social security payments they would be able to work with a federal tax holiday. What would be wrong with productive workers deferring retirement until the age of 75?
- Lastly, eliminate the upper cap on taxable income. People work and plan on their net take-home pay. No one plans to increase their income so that they no longer pay social security taxes. People wish to maximize their income for many reasons and do not regard the upper income cap. Eliminating the upper income cap brings the system into solvency.
“Soft despotism is a term coined by Alexis de Tocqueville describing the state into which a country overrun by "a network of small complicated rules" might degrade. Soft despotism is different from despotism (also called 'hard despotism') in the sense that it is not obvious to the people."