I'm Pete du Pont with the National Center for Policy Analysis. Some democrats want to cut the social security payroll tax in lieu of income tax rate reduction. Unlike other taxes, there are specific benefits attached to social security contributions.
Most workers get back everything they pay in low-wage workers get back a lot more.
So looking at taxes and benefits together, the system's highly progressive. But in about 15 years we'll have to start raising payroll taxes above their current level to pay promised benefits to the baby boom generation. They'll go up almost 20 percent by 2075. Those are my ideas, and at the NCPA we know ideas can change the world. I'm Pete du Pont.