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Obama tax proposal worries Social Security allies

Some Social Security advocates fear that President Barack Obama's desire to cut taxes supporting the program will undermine its vaunted stature as a self-financing pension system that provides checks to retirees based on contributions they made while working.

By Alan Fram | Updated on September 12, 2011

WASHINGTON (AP) — Some Social Security advocates fear that President Barack Obama’s desire to cut taxes supporting the program will undermine its vaunted stature as a self-financing pension system that provides checks to retirees based on contributions they made while working.

For now, though, the administration insists — and many experts agree — that the proposal would have no impact on the program’s financial soundness or ability to pay benefits averaging $1,077 a month to 55 million recipients..

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