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June 9, 2005
Don't Raise the Cap
Mike Tanner of the Cato Institute has put out a new study showing the devastating effects of raising the wage cap on Social Security. It's bone-chilling. From the press release:Raising or eliminating the cap on the amount of wages subject to the Social Security payroll tax would have serious consequences for both taxpayers and the U.S. economy, according to a study released today by the Cato Institute. Removing the cap would represent the largest tax hike in U.S. history -- more than $1.3 trillion in the first 10 years alone -- and would do relatively little for Social Security's solvency, argues Michael Tanner, director of Cato's Project on Social Security Choice, in "Keep the Cap: Why a Tax Increase Will Not Save Social Security":
Posted by Andrew Roth at June 9, 2005 4:00 PM | Print
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