FAIR Blog » Parade http://www.fair.org/blog The national media watch group Thu, 09 Feb 2012 21:42:42 +0000 http://wordpress.org/?v=2.8.2 en hourly 1 For Parade Magazine, the Middle Class Starts at 100K http://www.fair.org/blog/2009/11/23/for-parade-magazine-the-middle-class-starts-at-100k/ http://www.fair.org/blog/2009/11/23/for-parade-magazine-the-middle-class-starts-at-100k/#comments Mon, 23 Nov 2009 21:46:42 +0000 Jim Naureckas http://www.fair.org/blog/?p=13357 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 the age of 15 in the U.S. have incomes exceeding $100,000 a year.  That's a peculiar definition of "the middle class."

If Weiss truly believes that "experts agree that the longer we wait, the more difficult it will be to solve the system’s financial ills," he ought to read Dean Baker and Mark Weisbrot's Social Security: The Phony Crisis.

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