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The wrong way to fix Social Security
Governor Chris Christie wants to reduce Social Security benefits for the rich:
As part of the plan, he’ll propose phasing out Social Security payments for those making more than $80,000 in other income and eliminating them for those making $200,000 or more a year.
This is a good idea in general, but the specific proposal is awful. He should be trying to make the program more progressive, but ends up with a plan that is unfair to savers. Christie should be proposing higher payroll taxes on the rich, but is actually proposing higher income taxes on the rich. Read more…