Whenever the prospect of Social Security insolvency is discussed, the only reforms suggested involve either additional taxes on workers or reductions in benefits. Neither of these is palatable, so I suggest, herewith, an alternative.
Suppose the Brown Corporation decides to replace one worker with a machine. If the worker to be replaced earns $30,000 per year, the Social Security system will lose $3,750 a year — half from the worker, half from the company. Why not replace that lost income with a tax on the machine?
The company would still save money, even after paying the tax. Otherwise, it would not […]
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