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Letter: Wealthy are not paying fair share

Monday, March 21, 2005 | 9:22 a.m.

The imminent crisis facing the U.S. Congress today is not Social Security, but solvency for our government. Vast amounts of monies have been spent in the last four years. The Social Security Trust Fund at present has a surplus of more than $3 trillion. Yet President Bush is now attempting to persuade workers that privatization of Social Security will make them wealthy when they retire. Why is he pursuing this course? Wall Street has not done well in many months.

Can it be that he wishes to borrow the surplus in Social Security to grant wealthier Americans a tax cut? The Republican plurality has admitted that privatization of Social Security will not be any more effective than the present contract in Social Security.

Workers today should understand that those who are receiving Social Security pay taxes at the rate of 50 percent. They also pay premiums for Medicare, which have risen in each of the past four years.

Granting a tax break for the wealthier Americans is unjustifiable when the middle class has always borne the burden of taxation.

MADELYN OLDS

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