President Clinton proposes to increase the tax on Social Security benefits. Although the administration calls this an "entitlement spending reduction," what it proposes is a tax that will fall primarily on elderly investment income. The remainder of the burden will fall on the wages of elderly workers.
Bill Clinton's economic program calls for some $295 billion in taxes over the next five years. To put this tax hike in perspective: the adminis-tration's tax proposal is about twice the size of President Bush's tax increase, which was enacted as part of the 1990 budget deal.