An Affordable Step for a Vital Program
A number of years ago, I was at a meeting in Washington, with a group of lawyers and lobbyists. We were discussing economic issues and the talk turned to Social Security. One well-shoed lawyer suggested we solve our problems by eliminating the cap on Social Security taxes.
The way she saw it, at summer’s end, when her salary reached the cap – around $100,000 at that time – and Social Security taxes were no longer deducted, she “got a raise,” which meant that she had extra cash for new shoes and Christmas gifts. And, she pointed out that she didn’t really need new shoes.
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This article was originally published in The New York Times.
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