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Survey: Most Favor Social Security Taxes Based on Total Income

Tuesday, 07 Dec 2010 08:07 AM

Most Americans feel Social Security taxes should be paid on all or most of the income workers earn annually, according to Rasmussen Reports.

The survey found that 60 percent agreed on paying Social Security taxes in such a manner, 21 percent disagreed, although another 19 percent were not sure.

Americans currently pay Social Security taxes only on the first $106,800 they earn each year.

These findings differ little from a similar survey in August 2008, when Barack Obama, then a presidential hopeful, first proposed higher Social Security taxation on the campaign trail.

Full Social Security benefits kick in at age 66 although some in Washington want to raise that age to 70 for future retirees.

Democrats and Republicans in Congress are debating ways to narrow the deficit, with some in the former opposed to extending tax breaks to the wealthy while many in the latter are opposed.

Social Security costs will exceed tax revenue beginning in 2015, according to Bloomberg.

Republicans, including incoming House Speaker John Boehner, want to raise the retirement age and either limit or halt benefits for higher-income retirees, which some Democrats oppose.

Yet one Democratic-led policy group, Washington-based Third Way, wants to raise the retirement age, trim or cut Social Security benefits for wealthier retirees, limit cost-of-living increases and help young workers create private retirement accounts.

Other Democrats argue that any debt-reduction proposal must "achieve the goals of reducing the deficit, promoting economic growth and preserving Social Security," outgoing House Speaker Nancy Pelosi’s spokesman Brendan Daly tells Bloomberg.

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Most Americans feel Social Security taxes should be paid on all or most of the income workers earn annually, according to Rasmussen Reports. The survey found that 60 percent agreed on paying Social Security taxes in such a manner, 21 percent disagreed, although another 19...
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2010-07-07
Tuesday, 07 Dec 2010 08:07 AM
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