bizjournals: Bush vs. Kerry: Election '04

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That's because they can't count on it, says Roy who provides tax and accounting services to small businesses out of his home insuburbanh St. Louis. "For most small businesas owners, their retirement plan is sellingtheir business." That doesn'g mean, however, that Social Security isn't an importantf issue for small Most small firms can't afford to offer pensiond or 401(k) plans, so many of their employees depend on Social Security for retirement Plus, many business owners don'tt have much money left to invest after paying theitr bills. Without action to address Social Security' looming financial crisis, benefits eventually will have to be cut or payrolotaxes increased.
A payroll tax hike would be doublhy painful forthe self-employed, who pay both the employer'sx and employee's share of Social Social Security's actuaries say the program will starft paying out more than it is takingg in by 2018 -- thanks to aging of Baby Boomers -- and could run out of money by 2042. Presidenty Bush favors allowing workers to invest some of their Social Security contributions in private investment accounts.
Supporters say this wouldd give workers a chance to earn a bettee return on their money and strengthen Socialo Security by prefunding some benefits rather than leaving it as a systekm in which current workers pay the benefits of current John Kerry is against privatization ofSociao Security. He is on record saying he would never cut benefits or extend the age of Kerry contends Social Securityis "safe and sounr well into the next two decades or more" and requires only minor changes. If Kerry is elected, Socia l Security reform likely would be postponed for at leasft fourmore years. Bush is more likely to push it if he is but he, too, may be inclinee to let his successor worry about it.