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Published August 14, 2010, 12:00 AM

Potter: Tax all income to build Social Security

BISMARCK – Congress could avoid “a lot of bad ideas” for shoring up Social Security by removing the annual limit on income that is subject to the Social Security tax, North Dakota Democratic U.S. Senate candidate Tracy Potter said Friday.

By: Associated Press, INFORUM

BISMARCK – Congress could avoid “a lot of bad ideas” for shoring up Social Security by removing the annual limit on income that is subject to the Social Security tax, North Dakota Democratic U.S. Senate candidate Tracy Potter said Friday.

Potter’s proposal comes at a time when Democrats nationally have begun emphasizing Social Security as a campaign issue. The program marks its 75th anniversary today.

The 12.4 percent tax, which is paid in 6.2 percent shares by workers and employers, now applies to up to $106,800 of a person’s annual income. The cap is linked to increases in wages and is reviewed annually.

At a news conference in Fargo, Potter said the tax should apply to all income. Removing the cap could be coupled with a small cut in Social Security’s tax rate, which would provide savings for most taxpayers and help to create jobs, he said.


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