RE: Q to C. Weaver - return on investment.
- Date: Fri, 21 May 1999 10:07:25 -0400 (EDT)
- From: Michael Jones <powderfinger99@yahoo.com>
- Subject: RE: Q to C. Weaver - return on investment.
<<<<
Pity the victims working after 2020. God help them all.
>>>>
Absolutely! I would estimate that Congress will be coming for
more money from workers when the FICA tax stream starts to go
negative in about 2012. It doesn't take a genius to figure this
out. They did this in 1977 and 1983 after the balance of the
system went negative.
Keep in mind that the average politician does not look that far
ahead. Since the FICA taxes currently bring in a surplus, it
seems reasonable to think that the average politician does not
"see" a problem. After all, they might not even be in office by
the time the revenue stream starts running a deficit.
You can bet that going forward taxes on wages will be raised.
If your a Gen-Xer, the best way to protect yourself is to
get off the earn-spend-tax treadmill by investing aggressively
over the next 10-15 years. The investments can then be used
later on to generate a yearly income stream.
There already is a significant tax advantage on unearned income,
especially capital gains. The rift between the two will only get
larger in the future.
In order to get started, I would recommend the following sites:
( http://home.earthlink.net/~intercst/reindex.html and http://www.fool.com )