An "Add On" Is a Tax Hike
December 17, 1998
Since last week's White House meeting on Social Security, defenders
of the status quo have begun trying to head off the gathering momentum behind
private retirement accounts by suggesting that an "add on" to the current Social
Security system would be okay with them. But low- and middle-income workers,
who are most in need of the higher returns that private accounts provide, can't
afford an "add on." Here's a comment from the director of the Cato Project on
Social Security Privatization, Michael Tanner:
"President Clinton says he opposes any increase in payroll tax
rates. Adding an individual account component on top of the existing Social
Security system would be an effective tax hike, particularly for low-wage workers
who can scarcely afford to have even more money taken out of their paychecks.
Only a 'carve out' from existing payroll taxes will truly benefit working Americans."
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