This temporary measure will stabilize the economy, help reduce the deficit and national debt, increase confidence and predictability for financial markets, and give the Federal Government more time to permanently revise the Tax Code in a careful and rational manner.
Key elements would include:
1) Graduated income tax increases for those earning more than $250,000 annually;
2) Elimination of the Social Security portion of the Payroll Tax for individuals earning less than $50,000 annually, with all earned income above that amount subject to the Social Security Payroll Tax;
3) All Social Security Payroll Taxes shall be used exclusively to fund Social Security.
4) Increase the Medicare portion of the Payroll Tax in a graduated manner for individuals earning over $100,000 annually.