Sunday, February 11, 2007

Raise the cap on Social Security taxes

In the Social Security reform debates, we hear a lot of talk about raising the retirement age, raising the current tax rate, cutting benefits, etc, etc.

I think raising the retirement age is a perfectly good idea. People live longer than they did when the 65-year mark was set. Raising the retirement age seems like a perfectly logical thing to do.

But instead of raising the current tax rate, or cutting benefits, how about we raise the cap on income that is taxed? I think the limit is in the mid-$90K range.

This nation is built on capital from rich people, sure. But to hear some people talk about it, especially Republicans, that capital is the only golden goose keeping us all alive. Thank god for the rich people who magnanimously give their capital to the world, otherwise we would all shrivel up and die.

Who works in the companies the rich people create? Who are the cogs that keep the machine going? The worker bees who make less than $90,000 a year.

A very small percentage of the population makes more than $90,000 a year, but those people make a disproportionate amount of the nation's total income.

Tax more of their income by raising the cap, say, to $150,000, or $175,000. Tell them it's an investment in their own infrastructure (the workers who keep their businesses going).

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