Most progressive tax cut ever!
President Obama proposed a 2% cut in the Social Security payroll tax, which Congress passed last year but Republicans resist extending through 2012. Too little attention has been given to how progressive this tax cut is. That’s because the payroll tax is the most regressive tax in America. Employees pay 6.2% of their income up to $110,100, and nothing above that. For an employee who makes $1... »