Critics argue Warren's Social Security payroll tax cap elimination would be largest tax hike in decades
This article critiques Senator Elizabeth Warren's proposal to eliminate the cap on the Social Security payroll tax as a way to prevent benefit cuts. The author argues that removing the $184,500 earnings cap would constitute the largest tax hike in 40 years, raise taxes on businesses, shrink the economy, and still fail to resolve Social Security's insolvency. The piece presents a skeptical, free-market perspective on the plan, questioning whether the economic trade-offs are worthwhile.
Key quotes
Sen. Elizabeth Warren (D–Mass.) has a plan to 'save' Social Security from upcoming benefit cuts—and all it will require is sacrificing a huge chunk of the economy via the biggest tax hike in over 40 years.
Is that worth it? Americans ought to be skeptical.
Eliminating the payroll tax cap would raise taxes on businesses, shrink the economy, and still leave Social Security insolvent.
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