Claiming that "something needs to be done–and fast" to save Social Security, Parade magazine's Gary Weiss (11/22/09) suggests a downside to the idea of raising the ceiling on taxed income, so that income above the current $106,800 would be subject to the Social Security tax: "Raising the cap is popular among Social Security reformers but would increase the tax burden on the middle class, since more of their income would be subject to the tax. " (By contrast, "Raising the payroll tax rate would disproportionately affect lower-income workers.") According to the Census Bureau, less than 5 percent of individuals over [...]
Home > Archives for David Weiss
Nov
23
2009
For Parade Magazine, the Middle Class Starts at 100K
Filed Under: Economy Tagged With: David Weiss, Parade, Social Security

