Look Who's Attacking Social Security Now
As Mitt Romney accuses Rick Perry of putting Social Security in danger, the National Journal's Major Garrett says the president is the retirement plan's biggest threat.
What’s eating at Social Security? Payroll-tax cuts. In the lame-duck session, the employee’s share of Social Security payroll taxes was cut from 6.2 percent to 4.2 percent. That deprived the Social Security trust fund of $105 billion.
In Obama’s newest job proposal, payroll-tax cuts would be even deeper: The employee share for 2011 would drop from 4.2 percent to 3.1 percent and the employer share would drop from 6.2 percent to 3.1 percent on taxes paid in 2012 (a break that would apply to more workers if wages are raised or jobs are created that year).