McCain Supports Employment Tax Increase

ThinkProgress seems have to Team McCain flip-flopping on whether he would consider a tax rate increase:

As Igor Volsky documents in the Wonk Room, McCain has gone back and forth a number of times on the issue of increasing the payroll tax. The truth is that lifting the current cap is the fairest way to help shore up the finances of Social Security.

Indeed it is telling that John McCain has considered only increases in the payroll tax as he also endorses reductions in tax rates on capital income. But hasn’t this always been the GOP agenda? And even if these rightwingers get their way – no explicit tax rate increases combined with slashes in Social Security benefits – isn’t that a backdoor employment tax increases? After all, we were told in 1983 that the increase in the payroll tax rate was supposed to help fund Social Security benefits for the future. Little did we know – all this Reagan reform would eventually become is just the means for paying for all those reductions in capital income taxation. Now that’s class warfare!

Comments (0) | |