High income individuals do not fully support our senior citizens due to the cap on earnings that are subject to the 6.2% FICA tax. This proposal is to place a 1% FICA tax on those individuals who earn over the current cap of $118,500.
For example, a baseball player who earns $2,118,500, will only pay 6.2% on $118,500 and is exempt from paying anything on the remaining $2 million of earnings. This proposal would tax this baseball player an additional $20,000 that would enhance social security. This extra amount would protect our senior citizens and keep social security solvent for many years to come.
The current FICA tax ceiling makes those at or below the middle class pay for social security and lets the rich escape fully paying into social security.