Study the effect on the Social Security Trust Fund and the economy if a Floor is put under the earnings that are taxed and the Cap is completely removed and capital gains and dividends, etc. are included.
It is unfair that everyone pays in from the first dollar earned but someone earning over $113,700 gets a break. It must be reversed.
It could be tied to the poverty level or some share of the poverty level, starting with the first paycheck of the year, and once the projected rate of annual income exceeds that amount, taxes will begin to be deducted.This will inject more money into the economy especially in the first quarter of the year. Employers would still pay their share and workers will continue to earn credits for quarters worked.
The Working Poor deserve fairness.
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