Sunday, December 19, 2004

Card, Snow: Flat tax just might work for Social Security after all

Ah, the flat tax.

Everyone pays the same rate on their income.

Those supply siders love it!

Do they love it for Social Security taxes?

Right now, we have a flat tax of 12.5% until 88K of income, and then a flat tax of 0% on income after that.

The AP has this story where White House Chief of Staff Andrew Card and Treasury Secretary John Snow refused to rule out lifting the 88K cap on Social Security taxes. They did refuse to raise the payroll tax rate of 12.5%.

That's about as good as it gets for Blue America, since the payroll tax hits more people than the federal income tax.

If the White House plan includes a higher cap on payroll taxes so we approach a flat tax, I'll count that as a huge victory for a better America.

And good for them for not ruling out a fix on the most unfair part of Social Security so early in the game.

1 comment:

Anonymous said...

HAHA! Take that Curt Schilling.