The maximum amount of wages subject to the Social Security tax is $127,200. I would propose that there be no cap on the maximum amount of taxable earnings so that all taxable earnings are subject to the social security tax. This would mean that everyone pays the same percentage of their earnings into Social Security. Why is it fair for the person who makes $25,000/year to pay 6.2% of his/her wages into Social Security when the person who makes $2,000,000 pays only .39% of his/hers? The proportion each person pays should be the same. What else does Jim have to say….
For more details on my plan https://crary4congress.co