Word: moynihan
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...beleaguered empire, nothing scares Washington more than the specter of a battle over Social Security. Even the subtlest effort to tinker with this most sacrosanct of federal benefit programs ignites the rage of senior citizens, whose lobbying groups are among the most feared in the nation. Senator Daniel Patrick Moynihan's proposal to cut the Social Security payroll tax and stop using the enormous funds it generates to disguise the size of the federal budget deficit is anything but subtle. It is so explosive that Republicans and Democrats alike are running from the idea with their heads down and their...
Unfortunately for the politicians, getting away from the issue is not that simple. Though no one expects any drastic change in the program, Moynihan's proposal has focused attention on one of Washington's dirty little secrets. Rather than dealing honestly with the budgetary gap, the Government is once again borrowing against the future. When the baby-boom generation begins to retire about 20 years from now, the IOUs will have to be paid back through sharply higher taxes or still more borrowing...
Igniting a fire storm is precisely what Moynihan had in mind last December when he suggested rolling back the most recent hike in Social Security taxes. On Jan. 1 the rate climbed to 7.65% on the first $51,300 of a worker's income, a sum that employers must match. Moynihan would lower it to 7.51% this year...
TAXES. New York's Democratic Senator Daniel Patrick Moynihan wants to roll back Social Security taxes that have become burdensome for most middle- and lower-income wage earners. Bush opposes any cut in Social Security taxes as too expensive and claims that it would threaten future retirement benefits. At the same time, the President will continue to press for cuts in capital-gains taxes...
Bush thus finds himself defending the Social Security tax increase while getting pummeled by Moynihan and his allies. Watching this spectacle unfold last week, Bruce Thompson, a Merrill Lynch executive who helped slash taxes as a senior Treasury official during the Reagan Administration, chuckled and noted that "not in ten years have you seen headlines read WHITE HOUSE REJECTS...