Workers and employers are currently required to pay a payroll tax of 6.2% of a worker's wage. This tax exists only for those making less than $106,800 per year. It is from this payroll tax that Social Security is funded. Eliminating this income cap on payroll taxes would allow the United States Federal Government to tax the wages of workers making more than $250,000 at the same rate. This would provide an estimated $6.5 trillion to the Social Security trust fund for the next 75 years, guaranteeing solvency for the program.
We strongly urge President Obama to support this proposal to ensure that no senior citizens in the future go without these benefits.