Extend the 2% Payroll Tax Holiday

Extend the 2% Payroll Tax Holiday. This will put more money in the pockets of lower & middle class wage earners every paycheck. In 2013 the maximum wages per person taxable for social social security is $113,700. If a person makes more than $113,700 they pay $0 social security taxes on the excess. The higher income wage earners enjoy a tax break not available to those making less than $113,700. Ex. The President will earn a salary of $400,000 in 2013. The social security tax he will pay in 2013 is $7,049.40. John Q. Public will earn a salary of $113,700 in 2013. The social security he will pay in 2013 is $7,049.40. You got a social security tax break of $17,750.60. It takes 9 new jobs making $31,811.11 a year to pay for your tax break. Cut the SS tax 2% and get rid of the wage cap.