National Club for Growth President Pat Toomey today urged President Bush to "close the door" on higher taxes as part of any Social Security reform package:
(CNSNews.com) - A free-market advocacy group says imposing payroll taxes on salaries above $90,000 would hurt the economy and make Social Security an even worse deal for younger workers. "The very premise of the ownership society is to give people more control, not less, over their own money to save for a secure retirement," said former Rep. Pat Toomey, now president of the Club for Growth. President Bush recently said he would consider raising the $90,000 cap on Social Security taxes. Right now, payroll taxes are deducted from salaries up to $90,000 -- after that level, no payroll taxes are deducted. "President Bush needs to close that door to higher taxes or risk losing the centerpiece of his domestic policy agenda," said Toomey. The Club for Growth's lobbying arm has launched a TV ad campaign aimed at persuading Republican lawmakers to support the president's plan to create personal Social Security accounts.
Make sure to visit the Club for Growth's comprehensive blog Social Security Choice for continual updates on this epochal issue.
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