Here's the news story:
WASHINGTON (AP) — Nervous that Social Security seems under siege from all sides, congressional liberals on Wednesday proposed raising the payroll tax that funds the program, but only for people earning more than $250,000 a year (emphasis added).
The legislation is designed to keep the pension program solvent for the next 75 years, which is the standard used by government actuaries, by putting an additional $6.5 trillion into the Social Security trust fund over that period. The plan also is intended to head off other efforts to overhaul the program or trim benefits, or to use its funds to help pay for debt reduction.
"No more discussion about raising the retirement age, no more discussion about cutting benefits, no more discussion about privatization," said Rep. Peter DeFazio, D-Ore., one of the sponsors.
(snip)
Currently, workers and their employers each owe a payroll tax of 6.2 percent of a worker's wages up to $106,800 a year. That tax would also be imposed on wages above $250,000 under the liberals' plan. Other sponsors include Sens. Bernard Sanders, I-Vt., Barbara Boxer, D-Calif., and Sheldon Whitehouse, D-R.I.
The complete article can be read here: http://www.charter.net/...
Right now, the Social Security Tax is one of the most unfair taxes we currently have; and this legislation, if enacted, would make it much less so. That, of course, would be in addition to saving it for the next 75 years or more, and taking Social Security off the perennial Republican chopping block for that same period of time.
Additionally, why can't we do something like this to save Medicare and Medicaid?