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The president appears to have opened the door to a major tax increase.(The Week)(Brief Article)
* The president appears to have opened the door to a major tax increase. Social Security taxes are currently levied on the first $90,000 of income. If you make more than that, the extra money isn't subject to the Social Security tax. The man who makes $120,000 pays no more in Social Security taxes than the man who makes $90,000. (And since he doesn't pay more, he also doesn't get higher benefits than that man.) The president was asked whether he would support lifting the cap--and thus exposing more income to the tax. He suggested that idea was "on the table." We understand the president's desire to get Democrats to accept Social Security reform. A modest tax increase might even be a price worth paying to get reform, given that personal accounts would function as a conditional tax cut. Personal accounts, that ...
- How am I supposed to pay the nanny?(Tilting at Windmills)(Social Security tax...
- Magazine article from: Washington Monthly Peters, Charles April 1, 2005 700+ words
"S.S. Option: raise tax cap. Increasing Social Security tax on wealthiest could raise billions" reads a four...eliminating the $95,000 cap on income subject to the Social Security tax could keep the system solvent for another 75 years...
- Bush vows no tax increase for Social Security.
- News wire article from: Knight Ridder Washington Bureau (Washington, DC) December 9, 2004 700+ words
...oversee the Social Security system. Tom...Bush's no-tax-increase pledge "established...debate over Social Security and killed off...not just for Social Security, but for the...any payroll tax increase echoed his father...
- Bush vows no tax increase for Social Security.(Knight Ridder Newspapers)
- Newspaper article from: Knight Ridder/Tribune News Service Hutcheson, Ron December 10, 2004 700+ words
...oversee the Social Security system. Tom...Bush's no-tax-increase pledge "established...debate over Social Security and killed off...not just for Social Security, but for the...any payroll tax increase echoed his father...
- Obama's Social Security plan is a work in progress, but it clearly involves a...
- Magazine article from: National Review July 14, 2008 700+ words
Obama's Social Security plan is a work in progress...clearly involves a large tax increase. Right now, the program...Obama put the entire Social Security tax on all high-end...that, on top of this tax increase, Obama is committed...
- CBO Report Ignores Government Looting of Social Security Trust Fund.
- Press release article from: PR Newswire June 15, 2004 700+ words
...points out that the 1983 Social Security tax increase was designed to create Social Security surpluses that would...baby boomers. That tax increase has generated $1.5 trillion of surplus Social Security revenue, but every...
- Is there a social security crisis ? (response to Theodore R. Marmor and Jerry...
- Magazine article from: The American Prospect Beard, Sam January 1, 1997 700+ words
...would reduce the projected Social Security 75-year deficit from 2...of 3 percent . . . and no Social Security tax increase would be required for 50 years...again. In the mid-1970s, Social Security was "in crisis." Ball concocted...
- Bush says U.S. is receptive to Social Security change.
- News wire article from: Dallas Morning News May 14, 2000 700+ words
...Assuring that those now drawing Social Security or near retirement age will...of benefits for future Social Security recipients either at or near...retirement system and opposing any Social Security tax increase in the future. _Creating...
- Bush says U.S. is receptive to Social Security change.(The Dallas Morning News)
- News wire article from: Knight Ridder/Tribune News Service Slater, Wayne May 14, 2000 700+ words
...Assuring that those now drawing Social Security or near retirement age will...of benefits for future Social Security recipients either at or near...retirement system and opposing any Social Security tax increase in the future. _Creating...
- Social Security Benefits to Rise 2.6 Percent in 2002.
- News wire article from: Providence Journal (Providence, RI) October 20, 2001 700+ words
...result, the maximum yearly Social Security tax a worker pays (generally...they will face a maximum Social Security tax increase of $558 next year...enacted in the early 1970s, the Social Security Administration must increase...
- Analysis: Bush says no Social Security tax hike.
- News wire article from: UPI Perspectives Tomkins, Richard December 9, 2004 700+ words
...who believes raising the Social Security tax should also be considered...said. "We haven't had a Social Security tax increase in 20 years, while we have...population, I think is myopic." Social Security is a pay-as-you-go system...
Source: HighBeam Research, The president appears to have opened the door to a major tax...