"The most irresponsible idea of the 1990s," said Budget Director Richard Darman. "A charade!" harrumphed President George Bush. "Outrageous!" cried dozens of editorialists and labor groups. The object of that opprobrium was Senator Daniel Patrick Moynihan's plan to reduce the Social Security tax. First proposed by the New York Democrat in December 1989, the bill was killed last October before it even reached the Senate floor. Today, however, the Social Security Tax Cut Act of 1991, an updated version of Moynihan's idea, is becoming one of the country's most hotly debated domestic policy issues.
With his plan, Moynihan seeks to curtail...
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