We The People want income equality in payroll taxes.
Social Security is a payroll tax levied only on a certain amount of income which is capped at $117,000. This means most of us will pay 6.2%, while higher earners stop paying.
If you earn up to $117,000, your rate is 6.2%.
If you earn $250,000+, your rate is 2.9% [Medicare only].
Weak wage growth, rising earnings inequality are key culprits. The higher wage earners & the runaway income at the top - means more income "escapes" the cap.
We need to remove this income tax sliding scale. We all should pay the same tax rate, no matter what our earnings.
Lifting the cap will favor working people more.
Lifting the cap will raise a significant amount of income.