Would the President's Latest Social Security Benefit Cut Proposal Create more Hardships for Millionaires or for the Middle Class?

The Bush Benefit Cut Hurts Middle-Class Workers More than Millionaires. "[T]he Bush plan gives the false impression that the wealthiest beneficiaries would bear the most pain. That's not the case. The wealthier one is, the lower the percentage of retirement income coming from Social Security, so even a big cut has little impact. By 2075, an average worker's benefit cut would equal 10 percent of pre-retirement income; a millionaire's reduction would be only 1 percent." [New York Times, 5/3/05]