The Facts About Cutting Social Security Taxes

Publication Date: March 1991

Publisher: Heritage Foundation (Washington, D.C.)

Author(s): Daniel J. Mitchell

Research Area: Banking and finance

Keywords: Social security

Type: Report

Coverage: United States

Abstract:

To spur economic growth and bring back the prosperity of the Reagan years, policy makers must undo the damage caused by Congress and the Bush Administration. A prompt reduction in Social Security payroll taxes would be an important first step in that direction. Lower Social Security taxes would spur economic growth by returning billions of dollars to workers, thereby offsetting partially the massive tax increase enacted last fall. Workers would receive an immediate increase in their take-home pay.