We are asking you to remove the cap on Social Security Taxes.
Most of us pay 4.2% for Social Security Taxes but they are capped at the first $110,100 of wages ($4,624 maximum).
If a CEO, as recently reported, earns $9,600,000 a year, but still only pays $4,624 - is that fair?
If the CEO paid 4.2% like the rest of us it would be $403,200.
That means, because of the cap, Social Security needs to replace $403,200 - $4,624 or $401,450 to cover what was not paid by this one person.
Remove the cap for fairness sake.
(The 4.2% rate may actually go down for the rest of us too.)
Why is this important?
