Eliminate the "Cap" on Social Security contributions !
There is no need to cut Social Security or raise the benefit age, or have a Payroll Tax reduction or holiday. We urge you to totally eliminate any Cap on income that contributes to the Social Security fund. At present, no income over $108,600 is required to contribute to the fund. I propose that we require contributions on ALL earnings -- EVERY penny of EVERY dollar earned by EVERY person. Doing so would fully address the projected shortfall of Social Security for 75 years and provide a few extra dollars to improve benefits. Millionaires and billionaires should not pay into Social Security on only $106,800, a fraction of their income!! Everyone should contribute based on his or her Total Income.
The Cap on income should be lifted on the Employee's Social Security contribution but not on the Employer's. For the Employee, the 6.2% rate on income over the cap might be reduced to as low as 1% or a graduated rate according to income, such as 1% on income up to $500,000, 2% on income between half a million and $1 million, 3% on $1 million+, etc.
This is not a new idea -- why is it rarely mentioned? Let's get this on the table!! To accomplish this, we need to go “exponential”!! Please email your friends asking them to sign and ask their friends to do the same. I haven’t found anyone that disagrees with this. Of course I don’t know any billionaires…
There is no need to cut Social Security or raise the benefit age, or have a Payroll Tax reduction or holiday. We urge our decision makers to totally eliminate any cap on Social Security income, presently at $108,600. I propose that we require that contributions on ALL earnings, EVERY penny of EVERY dollar earned by EVERY person be included in income that contributes to the Fund, no exceptions. Doing so would fully address the projected shortfall of the Fund for 75 years and provide a few extra dollars to improve benefits. It is unconscionable that millionaires and billionaires pay into Social Security only on $106,800, a small fraction of their income!! Everyone should pay into the fund on every penny he or she earns, all of us alike. This is the most fair and equitable way to invigorate our Social Security fund. Please email your friends and ask them to sign this petition, and ask that they invite their friends to do the same.
Constance Engle started this petition with a single signature, and now has 171 supporters. Start a petition today to change something you care about.