Show Social Security Tax Increase Proposal Since the Social Security system Is on a you pay go basis ha having taken In 55 billion more in 1969 than it paid out in benefits there Is no reason to increase the taxable base for employees and employers The present rate of 48 per cent on each obviously Is adequate Those who pay the tax doubtless would agree that it is enough already Also Also propos proposals ls for automatic benefit Increases tied to the Consumer Price Index would present serious problems In Congressional testimony on the Social Security proposals proposals proposals pro pro- II IT C. C Lumb vice president of Corporate and Public Public Public Pub Pub- lic Affairs Republic Steele Corporation said It an automatic escalator is essentially Inflationary and It would operate only to add to the pressures on our already inflated ed economy Congress sh should uld continue to review and adjust adjust ad ad- just levels periodically after giving due consideration to economic conditions cost considerations and other factors as has been done in the past The purpose of Social Security is to provide a basic retirement Income benefit which should be supplemented by savings and whenever possible by Investments An Increase increase In in- crease in the wage age base at this time could jeopardize this concept as a floor of protection as well as the operation of private pension plans |