I honestly don't think the elimination of payroll tax will mean the abolishment of SS. That's my guess.

In any event here are my thoughts and they are not political I'm just interpreting what I've read.

My family would actually come out ahead except for me(when I retire).

Dividends and capital gains are eliminated. My brother earns all his money in capital gains ( no he does not trade stock). He supports anyone who wants to keep cap gains as low as possible. He is now a Cain supporter!

My son-in-law gets paid as a consultant so he's stuck paying SS for himself and the employer. Normaly that's 12.4% taken write off the top. So by paying only 9% he's gonna be ahead.

For those folks eaning a living they would normally save 6.2% ( 4.2% in 2010)
So normal folk get a break as well.

Now how about retirees:

They will pay 9% on their SS. I presume they will also pay 9% on any pension they receive. They will also pay 9% on their 401K withdrawls.

So retirees, unless I'm wrong and I hope I am, we're screwed.