North Dakota U.S. Senate candidate discusses plan to fix Social Security
BISMARCK, N.D. - North Dakota U.S. Senate candidate Tracy Potter said Wednesday that he has a solution "to fix Social Security forever."
If elected, the Bismarck state senator said he will introduce legislation that will make the upper 6 percent of income earners pay the same FICA rate into Social Security as everyone else.
Every dollar of income is taxed at 6.2 percent from the first dollar earned up to approximately $106,000 for each person. A single wage earner's income over $106,000 is not taxed, he said.
If higher-income people paid at the same rate as everyone else, Social Security would be secure, Potter said. He also thinks the payroll tax rate could be lowered for the employees who make less than $106,000.
"This is a simple, clean solution that secures Social Security into the future," Potter said at a news conference.
Potter, a Democrat, is running against Gov. John Hoeven for the seat being vacated by Sen. Byron Dorgan, D-N.D.
The Forum and the Echo Press are owned by Forum Communication Company.