Please do all you can to eliminate the Social Security Income Cap Loophole.
Republicans in Congress say that they will allow federal revenues to increase, not by increasing tax rates, but by eliminating loopholes. Currently, Americans pay Social Security payroll tax only on earnings below $110,100. Wealthy Americans should pay the Social Security tax at the same tax rate as the rest of us.
Why is this important?
Currently, Americans pay Social Security payroll tax only on earnings below $110,100. That means that people with high income pay a much lower tax rate than those with low income. Eliminating the cap will greatly increase Social Security revenues, and allow it to continue much longer into the future.
Republicans in Congress say that they will allow federal revenues to increase, not by increasing tax rates, but by eliminating loopholes.
The cap is a loophole that has hobbled Social Security. It is inherently unfair. Let's eliminate it now!
