Eliminate the FICA cap to ensure the long term financial security of the Social Security System.
Why is this important?
This petition will help establish the principal that all income should be subject to FICA. Currently the FICA maximum for any one year is about 110,000. This means that anyone with taxable income over $1,000,000 can reach their FICA max in about 3 days. Most everyone else has to work the rest of the year to approach their FICA max. By eliminating the cap, everyone will pay to the last dollar earned. This will ensure that social security will be secure for all future generations. This is personally important to me because I want to ensure that social security is there for my children and grandchildren.
