John Edwards

Republican tax plan would boost Social Security, Medicare

Republican tax plan would boost Social Security, Medicare

Many pundits have lamented the fact that the Republican plans for tax reform largely seem to favor the rich over the everyman, with the biggest breaks going to the wealthiest individuals. But there is at least one change that should benefit the little guy if enacted, by giving a multi-billion dollar boost to Social Security and Medicare.

The increase would come with the closure of a payroll tax loophole that’s somehow been allowed to linger for decades, despite several attempts to seal it. To understand how it works, we first need a quick lesson in non-corporate taxation — a popular, and often misunderstood, topic in the press these days.

The first thing you should know is...

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