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end the social security tax break for the rich

Created by C.D. on December 22, 2012

One of the biggest tax breaks given to the rich is the cap on paying Social Security & Medicare taxes on any income over $118,000/yr. This means those high paid CEOs, and people working on Wall Street, etc. don't pay the 6.2% tax and their employers don't have to match the tax (that's nearly 13% tax on any annual income (and bonuses) once the earner reaches $118K. There should be no income cap on the SSI & Medicare tax, everyone should have to pay this tax on ALL their salary and bonus earnings. This is one of the best tax breaks given to the rich, and it should end.

Budget & Taxes
Economy & Jobs
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