NYT&AP headline drops "eventually" in "Payroll Taxes May See Rise"

[papau]

NYT&AP headline drops "eventually" - as in 2042 - in "Payroll Taxes May See Rise"


http://www.nytimes.com/aponline/national/AP-Bolten-Soci ...

January 14, 2005
Budget Chief: Payroll Taxes May See Rise
By THE ASSOCIATED PRESS

Filed at 3:12 p.m. ET

WASHINGTON (AP) -- Social Security taxes will have to rise by half if lawmakers don't revamp the giant program, President Bush's budget chief said Friday as the administration sought support for its overhaul plans.<snip>

"All these tax increases (that built the $1.5 trillion Trust Fund) did was push those problems out to be solved another day,'' Bolten said. "That day has arrived."

Bolten revealed no new information about what Bush will propose. Trustees who oversee Social Security say the program will fall $3.7 trillion short of its obligations over the next 75 years, and Bolten said the problem will grow by $600 billion each year it is not addressed.

"If we do nothing to fix Social Security, we will eventually need to raise Social Security payroll taxes on Americans by about 50 percent," he said.<snip>

[Wisc Badger]

1. B*&L SH&T

just lift the cap from 87K.:argh:

[Eric J in MN]

3. Exactly. Raise taxes on the rich, not the rest-of-us.

These scoundrels only care about the rich, and exclude the obvious solution of going to people who can afford to pay more.

[stray cat]

2. All those S.S. tax increases were used for Bush tax cuts and budget.

There was no lockbox in for the social security taxes. They raised social security taxes disproportionately on those making less than $87,000 to fund their federal budget, tax cuts (including estate and dividends for wealthy Americans) and Bush's Iraq war. Social security funds were used as a regressive tax on Americans and now Bush wants to cut benefits.

[Eric J in MN]

4. Fix the link (nt)

nt