Tuesday, March 01, 2005
Paul Krugman explains why he opposes increasing the amount of wages subject to Social Security payroll tax from the current $90,000...
From today's column...
After all, raising the maximum taxable income would be a fairly stiff tax increase for some taxpayers. For example, someone making $140,000 a year might owe an extra $6,000. And the taxpayers who would be hit hardest by this tax increase would, in many cases, be the same people who will face a growing burden from the alternative minimum tax.Ha. For a moment there it read like he had some sympathy for taxpayers!
As a result, an increase in the payroll tax maximum would make it much harder to pass other tax increases...
