The Why of the Tax Increase
ON Jan. 1, the deduction for social security from pay envelopes will increase automatically from 1½ to 2% of the first $3,600 in wagesto be matched, as is now the case, by employers. Whether this increase should be rescinded may be the first order of business before Congress. Since President Eisenhower has once asked Congress to freeze the rate at 1½until Jan. 1, 1955, he may do so again.
The main Republican argument for postponing the rise is political. (The boost, once scheduled to go into effect in 1943, was postponed after a fight led by...
To continue reading:
or
Log-In
