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Read my lips
Two of President Bush's top advisers refused on Sunday to rule out the possibility that wealthy people might have to pay more to help cover the cost of his move to partially privatize Social Security.
Neither Treasury Secretary John Snow nor Andrew Card, the White House chief of staff, would say whether Bush's ideas about overhauling the federal retirement program would include raising the limit on incomes subject to Social Security taxes.
People currently pay those taxes on income up to $87,900. That level will climb to $90,000 next year. One proposal to help compensate for the private accounts would raise or eliminate the tax cutoff, which would mean that wealthier people would pay more.
Or should I have titled this post -- "Be careful what you wish for..."?
Posted by Tyler Cowen on December 19, 2004 at 05:26 PM in Current Affairs | Permalink
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» Privatization = Higher Taxes from Mises Economics Blog
Having ruled out higher payroll taxes (for now), the Bush administration is now dropping hints that it will consider other revenue changes to fund "privatization" (a word that seems to cry out for scare quotes these days), e.g. raising the... [Read More]
Tracked on Dec 20, 2004 1:59:46 PM
