2. Social Security: I would make the social security benefit the same as minimum wage. This wouldn't effect anyone currently on social security unless they are getting less. To get full social security you must wait until your retirement age. Retirement age will be different every year based on life expectancy. Retirement age would be 10 years before life expectancy. For example the current life expectancy is 79. So retirement for full benefits would be 69. An individual could take half social security at 60 and up to 5 years before the current retirement age. After 5 years up to retirement would be 75%.
3. Medicare: Medicare would be given to all Americans. Americans under 18 would be covered 100%. All Americans 18 and over will be covered at 80%. By keeping Medicare at 80/20, then it will still require Americans to get supplemental insurance to help cover the 20%. Since supplemental insurance has a market for the individual coverage this would mean less people would be reliant on employer coverage. I'd also add coverage for nursing home care for retired or disabled people.
4. Taxes: Currently the social security tax is 6.2%. That would be increased to 7.5% with employer matching and no max on income. Medicare tax would increase from 1.4% to 7.5% with employer matching and no max on income. To help offset the increase in taxes and minimum wage there will be no corporate taxes. As for individual taxes everyone would file taxes as an individual not as a couple. Everyone would get one standard deduction of the poverty line/minimum wage. All income above that amount would be taxed at 15%. So for example in 2022 if someone made $50,000 they would pay 15% taxes for social security and Medicare. Then they would pay 15% on taxable income of $23,500. During the year they paid 15% on income less social security and Medicare. So someone taking $50,000 would pay 15% on $42,500. When they file their taxes they would get a refund of $2850. The only tax retirement benefit would be a Roth IRA or 401K. So a person wouldn't have to pay any taxes if they wait until 60 to take out the money. Otherwise they pay income tax and a 10% penalty. The only other taxes would be Capital Gains at 15% with the exception of a primary home. The others taxes would tariffs and user taxes.
