Cassandra has a nice little summary of the Social Security debate, with a few links to various schools of thought on the subject.

Bob Brinker was discussing this today on the radio, and he appears to feel strongly that increasing the cap on the Social Security tax is a terrible idea. He points out that people in places like California and New York are already taxed at a very high rate, and the self-employed would be disproportionatly hit by something like that (they pay both taxes—the employee side and the employer side—and for them this tax is effectively double what the official rate is).

Of course, it's the self-employed whom we want to be successful, because when that happens they start hiring other people, and it's small businesses that really drive the economy. Any proposal that brings the effective tax rate up to 60% in California is not a good thing.

Posted by: Attila at 12:47 AM | No Comments | Add Comment
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