Phoenix32890 wrote: Fishin'- I am unclear as to your stand on Bill Gates, and other extremely rich individuals.[/color][/b]
Quote:Bill should be able to collect SS either, IMO.
I think that the word "either" threw me. I am unsure as to which side of the issue you are on. As for me, I would have preferred to have taken all the money that I had thrown into SS, and invested it privately. But, if the Bill Gates and Oprah Winfreys of the world are obliged to kick into social security, IMO it is only fair that they benefit from it. I don't believe that a person should be obliged to pay into a system, only to be deprived of benefits from it.
Sorry! I messed up my typing. The orignal statment should have read:
Quote:Bill should NOT be able to collect SS either, IMO.
I'd agree that there is an element of fairness involved but SS is not a fair system to begin with. Bill Gates, Oprah and other mega-millionaires like them have their SS wages capped each year. They only pay SS taxes on a minute portion of their annual income.
The mega-rich are also the most likely to have the best of healthcare and that provides them the highest change of living longer than most of the rest of us (barring some genetic disorder on their part).
Assuming Bill Gates will live past 5 or 6 years into retirement he will be collecting more from the SS system than he ever paid into it. In effect we'd be putting a mega-millionaire on public welfare.
The SS system can not be sustained when it is paying out more to each individual than they ever paid into the system. It's supposed to be a system that ensures people don't fall into poverty in their old age not a system that provides petty cash to people with hundreds of millions or billions in assets.