- Feb 12, 2005
- Reaction score
- Political Leaning
Raising taxes, wow that is such an original idea. Why not compromise with a 4% increase and allow people to invest the additional 2% in a retirement fund?May 14, 6:05 PM (ET)
By GLEN JOHNSON
WASHINGTON (AP) - Breaking with party leaders, a Democratic congressman plans to introduce Social Security legislation, saying his first commitment is to his constituents.
Wexler's bill calls for a 6 percent tax on all income above the current $90,000 cap. Three percent would be paid by workers and 3 percent paid by their employer.
At the same time, the bill would reinstitute "pay-go" rules for federal budgeting, requiring that any tax cuts or increase in entitlement spending be paid for either by raising taxes or cutting spending elsewhere. The requirement expired at the end of 2002.
Wexler's proposal, which he will unveil in Florida on Monday, would not require any cut in scheduled benefits or increase in the retirement age, and it does not provide for private accounts.