Saturday, November 12, 2011
GOP on board to stop gratuitous entitlements to the rich (Politico)
Today, I picked up a stray copy of Politico on the Metro and saw a story by Marin Cogan and Manu Raju, “GOP tests message: Ridiculous benefits for the wealthy could go”, link here.
Sen. Tom Coburn (R-OK) and Rep. James Lankford (R-OK) want to pass legislation stopping the wealth or people with enough disposable income from receiving unemployment benefits. It’s not clear if this is limited just to income, or would look at assets (the way Medicaid does).
Rep. Jason Chaffetz (R-UT) is said to be looking for a sponsor for a bill that would reduce by half Social Security benefits for seniors with incomes over certain levels. It is not clear whether seniors would be targeted based on assets, which in the cases of trusts, could get complicated. And it’s not clear if it could affect current beneficiaries. There will be more written about this later.
Lankford said, "The obvious place to start is not to treat every single person the same across America".
My concern is that we need to separate redistribution of wealth from contributions or insurance premiums intended to apply to the individuals who made them.
It's not clear yet whether the Supercommittee has made any such proposals.
Stay tuned, particularly on the Retirement Blog.(Posting on Chaffetz proposal posted there Sunday Nov. 13.)