Two of President Bush’s top advisers refused on Sunday to rule out
the possibility that wealthy people might have to pay more to help
cover the cost of his move to partially privatize Social Security.
Neither Treasury Secretary John Snow nor Andrew Card, the White
House chief of staff, would say whether Bush’s ideas about overhauling
the federal retirement program would include raising the limit on
incomes subject to Social Security taxes.
People currently pay those taxes on income up to $87,900. That
level will climb to $90,000 next year. One proposal to help compensate
for the private accounts would raise or eliminate the tax cutoff, which
would mean that wealthier people would pay more.
Or should I have titled this post — "Be careful what you wish for…"?