To: President Donald Trump
End The Taxable Earnings Cap on Social Security!
Eliminate the taxable earnings cap on Social Security, and ensure that all Americans are paying their fair share into this important program.
Why is this important?
Most Americans are taxed at between 4.2 and 6.2 percent on all of their earnings, and do not realize that these taxes only apply to the first $110,100 of earnings. This means that anyone who makes over $110,100 pays $0 in taxes on all income above that cap. Eliminating this cap would allow the Social Security Administration to completely balance their budget over one generation, or 75 years, while making sure that wealthy Americans pay their fair share into the program..