Conservatives are particularly incensed about reports that Treasury Secretary Henry Paulson Jr. has had private discussions with Democrats on revisiting a Social Security overhaul and may be open to an increase in the current $97,000 limit on personal income subject to the Social Security payroll tax.
When asked directly about a potential Social Security payroll hike, Rep. Jeb Hensarling (R-Texas), who chairs the Republican Study Committee, came out swinging.
"We want to believe that the president is committed to the supply-side economics that conservatives value when it comes to Social Security," Hensarling said. "If he departs from that commitment, that would be something we would strongly oppose."
It seems pretty unlikely that the tax-cutting president would propose a tax increase, but it is good to know that an attempt to raise or eliminate the payroll tax cap would not be well-received.
