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…