Published July 01 2010
Potter has fix for Social Security
If elected, the Bismarck state senator said he will introduce legislation that will make the upper 6 percent of income earners pay the same FICA rate into Social Security as everyone else.
Every dollar of income is taxed at 6.2 percent from the first dollar earned up to approximately $106,000 for each person. A single wage earner’s income over $106,000 is not taxed, he said.
If the higher-income people paid at the same rate as everyone else, Social Security would be secure, Potter said. He also thinks the payroll tax rate could be lowered for employees making less than $106,000.
“This is a simple, clean solution that secures Social Security into the future,” Potter said at a news conference.
Potter said he does not have any financial figures for his proposal but has requested them.
Potter, a Democrat, is running against Gov. John Hoeven for the seat being vacated by Sen. Byron Dorgan, D-N.D.
Hoeven campaign manager Don Larson said the way to address Social Security is to help the 15 million people across the country find work and create a good business climate, not to raise taxes.
“I don’t think realistically you can lower taxes for 94 percent of the people by raising them for 6 percent,” Larson said.
Finneman is a multimedia reporter for Forum Communications Co.