Conferees OK Compromise To Rescue Social Security Fund
Washington AP report says House Senate conferees approved a compromise bill to rescue Social Security by raising taxes $27 billion over 10 years, removing a disputed $950 college tuition tax credit, and setting the stage for Congress to end the 1977 session. The measure targets deficits with higher levies on upper earners and employers.
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SS Tax Hike Set To Reshape Economy
Congress approves a 227.3 billion ten year Social Security tax increase affecting workers and employers, with the plan raising payroll taxes and altering the highest tax for individuals. The reform aims to shore up Social Security funds and closes with a mix of higher costs for middle and upper income earners while easing lower earners.
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