Double Taxation of Social Security

If Congress is really serious about a tax cut, how about a tax cut that will favorably affect every working person in the country. Make the Social Security tax a deductible expense and put an end to the double taxation it creates. As to the concern about tax-free income from Social Security at retirement, forget about it. Anyone who knows anything about the time value of money can tell you that you are much better off to make Social Security deductions nontaxable and pay taxes on Social Security retirement income when you retire.

I don’t suppose that we’ll see any meaningful tax reform from this Congress. Republicans are only interested in cutting capital gains rates in order to make billionaires out of millionaires and Democrats don’t have a clear vision about tax policy, yet fear returning some money to the taxpayer. This double taxation created by Social Security is one of the most egregious of taxes. We pay twice for a system that has been called by many a pyramid scheme, whose future is totally in doubt and the value of whose benefits may be marginal in any case once Congress “fixes” it.

GARY BEYNON

North Hills