Friday, June 13, 2008

Social Security Taxes

Obama's latest proposal:
Democrat Barack Obama said Friday he would apply the Social Security payroll tax to annual incomes above $250,000, which would affect the wealthiest 3 percent of Americans.
I've said it before and I'll say it again: it's dangerous to the future of Social Security to transform it from a system where your benefits correlate to your contributions, to one in which the wealthy (and, let's be honest, many of the most influential) citizens are asked to pay in significant disproportion to the benefits they will receive. Obama may believe that a "donut hole" tax plan won't endanger Social Security, but I suspect otherwise.

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