To: President Donald Trump, The United States House of Representatives, and The United States Senate
Social Security Fairness
Presently, individual workers pay 6.2% (4.2% in 2011) of their wages for the FICA (Federal Insurance Contributions Act) tax, which funds Social Security. Workers are required to pay these taxes on only the first $106,800 of their income. The limitation might seem like a good thing, but it's not. What it means is that more than 85% of wage earners pay FICA on ALL of their income, and that the top 15% of wage earners (those earning more than $106,800) pay FICA on only a portion of their wages. So somebody who earns $100,000 pays FICA on 100% of their wages, while somebody who earns $10 million pays FICA on only 1% of their wages. Where's the fairness in that? Urge Congress and the President to "uncap" Social Security tax limits, and require everybody to pay the same percentage into the system.
Why is this important?
The huge majority of individual workers must pay Social Security tax on all of their income, while the wealthiest wage earners pay Social Security tax on only a fraction of their income. Call on Congress and the President to require everybody, even the wealthy, to pay the same rate.