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President George W. Bush and his administration considers reform one of its top priorities during his second term in office. Lobbying efforts, with lawmakers in Washington and with voters across America, are underway to encourage debate on a wide range of options under consideration. President Bush has said he's open to any and all ideas, Reform must permanently address the future solvency of the program, guarantee all promised benefits to workers 55 and older, allow younger workers to voluntarily divert some payroll taxes into personal investment accounts, and ensure economic strength by not raising payroll taxes.

Software Tax President Bush contradicted himself when he told reporters he would consider a hike in the social security payroll tax while telling a group in New Hampshire he would not give Congress that dictate.If you would like to receive late breaking news on issues covered by AXcess News then you need to subscribe. By joining, you can stay ahead of the pack and receive the latest news in your email in-box first.Print This Page

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Every Landlord Tax Deduction Feb 16, 2005 (AXcess News) Washington - President Bush contradicted himself when he told reporters Tuesday that he would consider a hike in the social security payroll tax while telling a group in New Hampshire he would not give Congress that dictate.

Asked specifically about Graham's proposal to raise the income ceiling on payroll tax contributions, White House Press Secretary Scott McClellan, at a daily press briefing on December 9, reiterated the president's opposition to tax increases. When questioned repeatedly if Graham's proposal to raise the income threshold subject to the payroll tax is tantamount to a tax increase, the presidential spokesman replied, If you're talking about raising payroll taxes, that is a payroll tax increase; the President would not be for that.

Tax Help Bush contradicted himself when he told a crowd in New Hampshire Wednesday that he would reject an increase in the social security payroll tax.

Help Tax Lawmakers are planning to meet with Bush to discuss the Social Security program, which the president said he was eager to do. Though he pointed out that he would not dictate to members of Congress what should be done, as long as the 12.4 percent payroll tax, now split between wage earners and employers was not effected.Bush told reporters Tuesday, representing six newspapers, that he was open to negotiations on a change in the current limit on the amount of income subject to the tax, which now stands at $90,000.

Ernst Ernst Guide Guide Tax When asked about the income cap, he replied, "I've been asked this question a lot, and my answer is that I'm interested in good ideas.""The one thing I'm not open-minded about is raising the payroll tax rate, and all the other issues are on the table and that's important for people to know," Bush told the Birmingham News, one of the six newspapers participating in the interview.Advertisement

Tax Return Lawmakers have said that raising the income cap was one way for the administration to help curb the coming social security dilemma. Sen. Lindsey Graham of South Carolina publicly supports such a move and both Democrats and Republicans are growing in number behind Graham's approach.

Return Tax While stumping his social security reform plan, Bush's visit in New Hampshire marked the ninth such occasion since his February 2 State of Nation address where he disclosed his plans to reform social security through the creation of private investment accounts. While in Portsmouth New Hampshire, the president did not mention a cap on income in payroll taxes.

Guide Guide Master Master Tax Earlier Wednesday, Fed Chairman Alan Greenspan said he supported president Bush's social security privatization plan. Though he was cautious about borrowing any more money to replace funds that would be diverted to private investment accounts.

Tax Preparation Greenspan believes that the accounts alone will not solve the retirement program's underlying financial problem. Most Democrats in the Senate are not supporting Bush's plan.

Preparation Tax "The problem that we have is there is a huge transition cost to get us to the point where we're building the savings adequate to produce the assets. We're not doing that," Greenspan said.

Employer Tax Guide Even though Bush's republicans represent the majority of congress, he still needs to win over some of the Democrats in order to meet the 60-vote requirement to overcome procedures in the Senate, that would assure him of a swift approval of his privatization plan.AXcess News will be reporting on any new trends related to this story. Members should watch their in-box for late breaking news. If you're not a member, consider joining now. Members get the latest business news, commentaries and stock market coverage delivered right to their in-box.

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