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.
The above excerpt was originally published in The New York Times. Click here to view the full article.
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