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Obama’s Reckless Tax Increase to “Save” Social Security
A column in the Wall Street Journal discusses Senator Obama’s plan to boost the top tax rate on entrepreneurs and investors from less than 38 percent to more than 50 percent. This huge tax increase will significantly undermine incentives to both earn and report income. As a result, the author, formerly with the Social Security Administration, explains that behavioral responses will result in far less money than projected by “static” revenue estimates:...