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Keep the Cap: Why a Tax Increase Will Not Save Social Security

Thursday, June 16, 2005

Keep the Cap: Why a Tax Increase Will Not Save Social Security: "Some opponents of allowing younger workers to privately invest a portion of their Social Security taxes through individual accounts have suggested that most or all of Social Security's financial problems can be solved if the current cap on income subject to the Social Security payroll tax is raised or removed altogether. Indeed, public opinion polls show widespread public support for the idea. Even President Bush appears open to the idea, although only in the context of larger reforms that would also include the creation of personal accounts. However, removing the cap would create the largest tax increase in U.S. history: $ 1.3 trillion over the first 10 years. Even increasing the cap to cover the first $150,000 of wages would amount to $384 billion in new taxes. It would give the United States one of the highest marginal tax rates in the industrialized world, with the potential for severely disrupting economic growth."

posted by Jack Mercer @ 6/16/2005 09:07:00 AM

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"Snipet" (pronounced: snipe - it) is not a word.It is a derivative of two words: "Snipe" and "Snippet".

Miriam Webster defines Snipe as: to aim a carping or snide attack, or: to shoot at exposed individuals (as of an enemy's forces) from a usually concealed point of vantage.

Miriam Webster defines Snippet as: : a small part, piece, or thing; especially : a brief quotable passage.

In short, "Snipets" are brief, snide shots at exposed situations from a concealed vantage point.

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