Here's the real plan to save SS. Chalk up another lie to the boy. Ever cent of the surplus will go to save SS.
WSJ:
HIGHER PAYROLL TAXES will hit many workers next year.
Millions of employees will owe as much as $260.40 in additional taxes next year, a 6% increase, says Avram L. Sacks of CCH Inc., a Riverwoods, Ill., publisher of tax, pension and business-law information. That's because of an increase in the wage base on which Social Security taxes are due. The base, tied to a government formula, will rise to $72,600 from $68,400 in 1998, CCH says.
Many self-employed workers may owe as much as $520.80 in additional self-employment tax, CCH says. But they can recoup some of that with a deduction on their federal returns. Mary B. Hevener, a tax lawyer at Weil Gotshal & Manges in Washington, says many companies and workers are "amazed" that payroll taxes will rise so much faster than inflation.
"Anytime taxes increase faster than wages is a bad day for workers," Ms. Hevener says.
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