Sunday, February 20, 2005

A Definite Non-Starter

On February 17, 2005 President Bush said he was open to making more wages subject to the Social Security payroll tax. The 12.4% tax currently applies to salaries up to $90,000.

"The only thing I'm not open-minded about is raising the payroll tax rate. And all other issues are on the table," the president said this week.

Porkopolis could rant all day on this, but until pork barrel spending is eliminated, this idea doesn't even deserve half a neuron's worth of mind share.

Social Security has already morphed into a wealth transfer scheme. This idea would only make it more so by throwing more good money at an already discredit bad idea: the pyramid strucutre of Social Security.

Bush needs to keep his eye on the ball: transitioning to a self-perpetuating system that allows for secure retirements and the building of personal wealth for all.


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