Dems Brandish New Counterproposal in Social Security Fight: Tax the Rich
The definitive Democratic counterproposal in the fledgling fight over Social Security is starting to emerge, and it has a familiar ring in the era of income inequality politics: tax the rich. More specifically, Democrats are proposing to raise or eliminate the cap on Social Security taxes. Those taxes are currently collected up to $118,500 of a person’s income, and any income above that is Social Security tax-free. The liberal Center for American Progress said in a new report last week that the program had lost $1.1 trillion over the last 30 years because of it. Read More…
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