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Wednesday, February 16, 2005

Bush Open to Talks on Raising Payroll Tax Cap

Bush Open to Talks on Raising Payroll Tax Cap

(AP Photo/J. Scott Applewhite)

In a surprising but yet telling move, President Bush has admitted that he would be open to the idea of raising the $90,000 cap on income for Social Security payroll taxes.

The way it works now is that up to $90k the employer and the employee equally split the 12.4% tax on income that then goes to Social Security. Anything a person makes over $90k is not subjected to anymore tax than what would be taxed on $90k. Bush said he would not increase the tax rate but was open to other ideas. What this tells me is that he won't raise the percentage, or ratethat is taxed but will move the cap to somewhere beyond $90k.

My idea for fixing Social Security has to do with increasing the cap. If you make the cap for anyone that makes over $90k but under $1 million would be charged the regular percent for the first $90k, and then charged a smaller fee for anything they make over $90k to $1 million. This alone would probably fix the problem with Social Security. But Bush not only wants to allow people to be taxed on their income passed the cap of $90k, he wants to also allow privatized accounts that will hurt the seniors currently and completely change the concept of Social Security.


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