In face of huge demographic changes in the US the Social Security system is going to run out of money. Money that is actually no more than IOU's under our "Unified Budget". Please act NOW to eliminate the ceiling on Payroll Tax (currently $110,000) while reducing the rates thus raising revenue and stimulating the economy.
In addition, Capital Gains over a specific amount say $100,000 should be treated as normal income for tax purposes. Add to that the "carried Interest" and you have made a huge dent in our Deficit while increasing take home pay on the middle class which increases spending that drives the economy. This will make it less expensive to hire new employees increasing employment and helping to avoid the Fiscal Cliff.
Why is this important?
Eliminating the Ceiling on the Payroll Tax.
