With no other Republican candidate having raised his or her head in the newly-reconfigured 8th Congressional District now held by Joe Walsh, Crystal Laker Rich Evans has thrown his hat into the ring. What follows is his email.
NEW CANDIDATE IN NEWLY MAPPED 8TH DISTRICT AND PLAN for Social Security
I am Rich Evans, father of large family, CPA and Risk Manager and candidate for Congress.
My goal is to win the GOP nomination in the primary and win the general election to represent the citizens of Illinois in the US House of Representatives, newly mapped Illinois 8th District.
As a resident of Villa Park for eight years, and having worked in that District for 15-20 years, I am ready to accept the challenges of voting in Congress and representing the citizens in Illinois, the 8th District.
As a CPA and a Risk Manager, I have the skill set to analyze proposed legislation and to stop reckless and wasteful spending. The math is not complicated.
Ending unwise spending and restraining the growth of the Federal government is essential.
I will run a frugal and energetic campaign and I look forward to a robust debate on the issues.
Also, I have a plan to take the pressure off Social Security disbursements during the period of many baby boomers retiring at the same time in the next few years.
This is based somewhat on a “means testing” and letting those retirees with solid pensions, voluntarily waive immediate receipt of their full social security benefits.
Someone who is retiring could elect to waive immediate receipt of their benefit. This citizen and wage earner would then receive a tax credit for three years. The amount of the credit would be calculated using discounted value of the benefits and other actuarial techniques.
The retiree would receive a tax credit for a discounted amount and a portion of their earned benefit not taken (not immediately taken or paid out).
Then, the amount not taken would be given (gifted or granted) to the grandchildren.
In other words, using generation skipping—(a standard estate planning tool) the wage earner and retiree would give the remaining calculated balance to their grandchild (or someone in the skipped generation designated by Social Security number).
Thus, patriotic and fortunate retirees who have earned and secured a private pension would give up an immediate Social Security benefit. The demands on the SS system would be smoothed out– benefits earned would be given to the skipped or third generation, so designated by specific SS number, when the designee becomes of age, i.e., 18 years old and ready for higher education or trade school.
Thus the immediate pressure on the Social Security system due to the large number of baby boomer retirees in the next 10 -15 years is reduced.
The wage earners who have earned and secured a private pension benefit, voluntarily waive immediate receipt of their social security benefit, and these fortunate and prudent tax payers are given a tax credit for three years.
The remaining balance of the benefit is “gifted” to a duly designated individual (by social security number) in the “skipped” generation— essentially the grandchildren.
Many retirees would voluntarily give earned income to their grandchildren.
This program I have described would take the pressure off the ‘bubble” of baby boomer retirees, reward those fortunate and prudent workers who are receiving an earned private pension and allow an amount to be “gifted” or granted to the grandchildren.
Like those patriotic citizen that bought the War Bonds, those solid citizens and taxpayers who would elect to sign up for this program would be doing something to save the system, would be compensated by a tax credit on their 1040 return for three years, and would still have the good will of giving a gift to the grandchildren ( or some significant other specific designee by SS # ) in the skipped generation.
Respectfully submitted by:
Rich Evans CPA
Candidate for US Congress, Illinois 8th District