Not that massive. 6.4% on incomes above 90K. If you make 200K, it's essentially an extra $7,000 - but on the other hand, you see the benefit of it in your personal retirement account, and get the benefit of the enhanced returns. So it's more deferred compensation than a tax.The uncapped contributions is a massive tax hike that will hurt the economy and won't solve anything.
Agreed.We are talking about SS when Medicare is in a vastly worse shape. If we raise taxes for SS we will need to double down to fix medicare. That type of sloution is too painful to handle.
It's not enough.The answer to both programs is raising the ages to reflect longer life expectancy and adding a means test.
Heh - it's interesting that people who argue that tax cuts are stimulative would complain about that.Its an interesting side note that Obama is pushing a payroll tax cut at a time when reasonable people understand how much trouble those programs are in.