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From an article in the Huffington Post:...   >>>

From an article in the Huffington Post:



WASHINGTON -- Nervous that Social Security seems under siege from all sides, congressional liberals on Wednesday proposed raising the payroll tax that funds the program, but only for people earning more than $250,000 a year.



The legislation is designed to keep the pension program solvent for the next 75 years, which is the standard used by government actuaries, by putting an additional $6.5 trillion into the Social Security trust fund over that period. The plan also is intended to head off other efforts to overhaul the program or trim benefits, or to use its funds to help pay for debt reduction.







"No more discussion about raising the retirement age, no more discussion about cutting benefits, no more discussion about privatization," said Rep. Peter DeFazio, D-Ore., one of the sponsors.



With Republicans making opposition to tax increases their mantra, the measure seems to have little chance of enactment.



Nonetheless, it gives liberals a chance to underscore their support for the widely popular program at a time when President Barack Obama has proposed cutting the payroll tax to help create jobs and GOP presidential contender Rick Perry, the Texas governor, has called its finances a "Ponzi scheme."



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