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President Barack Obama and most Democrats in Congress say they are committed to preserving Social Security for future generations. But one part of Obama’s current proposal to increase jobs could jeopardize Social Security’s long-term viability.
Obama has suggested cutting employees’ Social Security taxes to 3.1 percent through 2012. Under one of his previous stimulus programs, the rate was already cut from 6.2 percent to 4.2 percent this year Social Security taxes are paid only on the first $106,200 of income.
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