One thing to consider is that while the taxation is regressive, the benefits are paid out progressively. That said, I still think the plan is regressive overall.
I think a better idea is the Canadian system which combines a nearly universal pension of about $550/mth, with income supports for the poor and a smaller workplace funded pension scheme.
The progressivity of the payments out, makes the system progressive. The payments in are a "flat tax" as it were. If the cap on income were lifted as to payments in, without any change in payments out, the system would become very progressive.
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