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|12.21.04 @ 1:14PM|#
"Raising the wage cap, or perhaps removing it entirely, would be a huge tax increase on upper-income taxpayers. And unless some one can explain why they would not feel this tax hike, a very likely response will be to cut back on 401(k) contributions or other forms of saving. How this aids the nation's overall retirement picture is difficult to see."
Thank you for saying it, because repeating it is making me hoarse: raising taxes is always a possibility. Reforming SSA is not always a possibility. The ends to all of these possible means is "the nation's overall retirement picture."
Which is why we need to take the solvency red herring off of the table. Washington can always make SSA solvent again by soaking us with new taxes. The issue here is mandatory federal pension. Pensions should always be optional.