127 votes
Rank57
Idea#287
Most people make less than the maximum amount that can be taxed for social security. There should be no maximum salary limit on how much can be taxed for SS.
The limits on social security benefits would have to stay the same or no benefit would result.
Tags: social security taxes
The premise is good as long as it doesn't mean the employer must pay their matching portion of the contribution. Many businesses would be negatively impacted by the increased tax burden - but I agree the personal contribution on an icreasing scale - say 2.5% above the $104K to 200K, 5% on 200-500K, and the full 7.5% charged against all income greater than 500K.
Concur with the idea of extending tax on the person but not on the company. Keep adjusting the number every year so that the amount the company pays goes up according to formula. This may require addding a "bend point" to the social security benefit formula.
the limit is set to $106k right now. if companies can afford to pay their employees that much, then i don't see the problem with having them match regardless of the cap.
SSI deduction is more like an insurance premium than a tax. Does anybody want to pay a higher premium and get the same benefit as others who pay in much less to the system?
If you want to fix the pyramid scheme called Social Security then simply prohibit Congress from raiding and gutting all the money in Social Security and replacing it with their worthless IOUs that will never be repaid.
I agree. This tax is the most regressive tax in our system. If a person makes 106K they pay 7.5%. If a person makes 212K, they pay 3.75%. If a person makes 1mil, they pay 0.8%.
