Congress May Raise Taxes to Fund Bush's Social Security Plan

Republicans might need to raise payroll taxes to finance President Bush's proposal to allow Americans to divert a portion of their retirement savings into private accounts, according to a GOP senator who supports the White House goal of revising Social Security.

Sen. Lindsey Graham, R-S.C., a longtime advocate of creating private retirement accounts with Social Security dollars, said Congress might be forced to raise the annual tax cap on Social Security earnings from $87,500 to $150,000.

Full Story>>