To: President Donald Trump, The United States House of Representatives, and The United States Senate
Save Social Security: Apply A Fair Tax Allocation
No Cuts to Social Security or Medicare Until the Cap Is Removed From Earnings Subject to Social Security Taxes.
Are you aware that people with wages or earned income over $113,700 pay no Social Security taxes on that higher income? That’s right, the Wall Street Banker or lawyer or businessman with a $300,000 income and the millionaire with an income of one or even several million dollars pay Social Security taxes only on the first $113,700 of their income. Shockingly, the Billionaire Hedge Fund Managers pay absolutely nothing into either Social Security or Medicare!
All income, even that of the wealthy and super wealthy should be subject to Social Security taxation, not just all the income of the poor and the middle classes.
Right now, a person earning the minimum wage, the person earning wages of $50,000 per year and the persons earning up to $113,700 per year all pay 6.2% of their earnings into the Social Security Trust Fund. The person earning wages and earned income of $300,000 pays 3.2% of his/her income in Social Security taxes. The $500,000 wage earner pays 1.4%. The millionaire (one million only) pays seven tenths of one percent. And the Billionaire’s contributes nothing. How’s that for tax breaks for the wealthy?
So instead of accepting a “chained Social Security calculation” which will reduce the amount seniors are now scheduled to receive as they grow older, or cutting back healthcare available to Medicare recipients, let’s build the Social Security Fund by deducting Social Security taxes from all income and earnings above $113,700.
Seniors and Boomers have the power and the votes. Call your Senator. Call your Representative. Tell him or her that if he wants your vote he/she must vote to eliminate the cap on income and wages subject to Social Security taxes.
Are you aware that people with wages or earned income over $113,700 pay no Social Security taxes on that higher income? That’s right, the Wall Street Banker or lawyer or businessman with a $300,000 income and the millionaire with an income of one or even several million dollars pay Social Security taxes only on the first $113,700 of their income. Shockingly, the Billionaire Hedge Fund Managers pay absolutely nothing into either Social Security or Medicare!
All income, even that of the wealthy and super wealthy should be subject to Social Security taxation, not just all the income of the poor and the middle classes.
Right now, a person earning the minimum wage, the person earning wages of $50,000 per year and the persons earning up to $113,700 per year all pay 6.2% of their earnings into the Social Security Trust Fund. The person earning wages and earned income of $300,000 pays 3.2% of his/her income in Social Security taxes. The $500,000 wage earner pays 1.4%. The millionaire (one million only) pays seven tenths of one percent. And the Billionaire’s contributes nothing. How’s that for tax breaks for the wealthy?
So instead of accepting a “chained Social Security calculation” which will reduce the amount seniors are now scheduled to receive as they grow older, or cutting back healthcare available to Medicare recipients, let’s build the Social Security Fund by deducting Social Security taxes from all income and earnings above $113,700.
Seniors and Boomers have the power and the votes. Call your Senator. Call your Representative. Tell him or her that if he wants your vote he/she must vote to eliminate the cap on income and wages subject to Social Security taxes.
Why is this important?
My Petition is about the false choice of cutting Social Security and Medicare when so much income is not subject to Social Security Taxes. When everyone pays, their fair share, there will be no need to cut the Social Security and Medicare benefits of those who have paid into them all their lives.