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Even Republican advocates of cutting the payroll tax talk about offsetting it with reduced future benefits. That's a bargain young workers would buy in a minute, and current Social Security recipients would be assured that their pensions would not be reduced one penny. Nevertheless, Democrats would feast on any Republican hint of slashing old payments.

The perceived need to offset payroll tax revenue losses stems from belief that the Social Security fund must be replenished. The truth is that there is no such fund, and the heavy payroll tax revenues resulting from the Greenspan Commission's 1983 "reform" not only provide enough money for Social Security but fund other programs, as well.

As part of Democratic obsession with making a progressive tax system still more progressive and redistributing income, Obama actually would raise the $97,500 cap on the payroll tax, and his $500 tax credit would not change payroll tax withholding for employee or employer. There is an open field for John McCain, if he has the wit and will to enter it.

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Note -- The opinions expressed in this column are those of the author and do not necessarily reflect the opinions, views, and/or philosophy of GOPUSA.

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