While Tom Carper favors cutting social security benefits, (because jobs…(?)) he probably will not bother opposing this common sense proposal to eliminate the cap on taxable social security income. It isn’t going anywhere in a GOP controlled congress, so Carper can sit back and let Mitch McConnell do his dirty work.
Josh Marshall at TPM puts this on the lowest possible shelf for anyone who still doesn’t get it. *cough* Tom Carper *cough*
…if you make $30,000 a year you pay an effective 15% tax in payroll taxes, with no deductions at all – 7.5% that you pay directly out of your paycheck and 7.5% which your employer pays on your before, something which economists judge as effectively you paying it. But if you make millions of dollars a year your payroll tax rate can go down under 1%. Limiting or ditching that benefit could eliminate any longterm Social Security budget problems basically forever.