The taxing authorities will eventually demand payment of payroll taxes.

FORBES: How to Use a Payroll Service Provider

Indeed, since the employer half of the payroll tax continued to be paid, while the payment of the benefits was shifted to the personal accounts, the Ryan-Sununu plan eventually resulted in very large Social Security surpluses, which allowed for major cuts in the remaining payroll tax.

FORBES: A Winning Plan For Social Security Reform

To the extent that lowering payroll taxes translates into a lowering of payment to Social Security, we ought to just fund it from other tax bases.

FORBES: Motivated to Work