Tanner To Address Privatization on West Coast

October 18, 1999

On Wednesday, October 20 Cato's Michael Tanner will be the featured policy expert at two town hall meetings on Social Security privatization in California. The first will be held in South Central Los Angeles, the second in Orange County. Both are sponsored by the Citizens for a Sound Economy Foundation and will include special guests former vice presidential nominee Jack Kemp and Star Parker, head of CURE (Coalition for Urban Renewal and Education).

In Friday's USA Today, Parker sounded one of the themes she will explore at the California events: that payroll taxes, which cost most Americans more than their income taxes, would be better directed to personal retirement accounts so that all Americans have the opportunity to build wealth for retirement.

"Payroll taxes (Social Security and Medicare) are unfair to low-income workers and entrepreneurs. USA Today recently pointed out that four out of five Americans pay more in payroll taxes than income taxes, if the employer's half of the 15.3% in total payroll taxes is considered (as it should be, because employers pay workers less to compensate for their half of the taxes).

"Eliminating payroll taxes and allowing workers to replace them with personal retirement accounts would give employees a chance to accumulate wealth at a healthier rate of return than the government has been able to offer. Such personal retirement accounts, with strict guidelines that won't allow individuals to tap into their money at will while they're still working, could allow American workers to plan better-cushioned retirements more effectively."

For information on the October 20 events, please contact the Citizens for a Sound Economy Foundation at 1-888-564-6273, x.7601.

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