IBD reports:
Social Security's dedicated 12.4% payroll tax only covers the first $97,500 in work income this year, but Edwards would also apply it to income above $200,000. No payroll tax would be applied on wages between $97,500 and $200,000.Comrade Edwards views you as a slave to the welfare state.
Together with the reversal of the Bush tax cuts for top earners — yielding revenues that Edwards would also devote to health care — his Social Security tax hike would raise the top rate on work income from 35% to 52%, the highest in decades.
