NATION : Social Security Tax Cut Sought
Accusing the Bush Administration of “thievery” of Social Security Trust Fund money, Sen. Daniel Patrick Moynihan (D-N.Y.) said today he plans to introduce a bill repealing a 1990 increase in Social Security taxes.
Moynihan said the measure, to be introduced when Congress returns Jan. 23, would save a couple paying at the top rate about $600 in taxes and would result in a $55-billion tax cut for the nation.
He said he was making the proposal because it had become clear that the Administration was using trust fund surpluses to finance the federal budget deficit, perverting the original purpose of the fund surplus to provide for retirement payments in the next century.
“There is one word for this . . . and it is thievery,” Moynihan told a news conference.
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