Re: Opinion, “How to Fix Social Security, in Six Words” (July 22)
Kathryn Anne Edwards promises the best of both worlds in her plan to fix Social Security—higher taxes to satisfy liberals and government investment in the stock market to appeal to conservatives. Instead, her proposal would deliver the worst of both: it avoids the difficult but necessary task of slowing Social Security’s unsustainable spending growth while expanding the government’s role in both the economy and financial markets.
Eliminating the payroll tax cap would push top marginal labor income tax rates above 60 percent in many states. This would discourage work, investment in human capital, and innovation among America’s most highly skilled professionals. According to the Bureau of Labor Statistics, 19 of the 20 highest-paying occupations are medical professionals, including surgeons, radiologists, psychiatrists, and cardiologists, whose services Americans increasingly struggle to access.