Action Alert
Lift Cap on Social Security Payroll Tax
Lift Cap on Social Security Payroll Tax
President Barack Obama believes that the first place to look to strengthen Social Security is the payroll tax system. Some are calling for the cap on the Social Security tax limit to be abolished. Currently the limit ensures that one stops paying Social Security tax after they've earned $106,800 in a year.
Supporters say that the cap on payroll tax should be lifted because millionaires and billionaires don’t have to pay beyond $106,800 a year right now. Opponents of this idea feel that those who make more than $106,800 annually should not be punished by paying more taxes and would pay far more than the benefits they would receive. Also, opponents argue, this would only patch the system’s finances for a few years, rather than solving the Social Security problem for good.
Are you in favor of lifting the cap on the Payroll Tax to help Social Security?
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