This petition is to have the payroll tax be raised to apply to the first $999,999 of a workers’ wages. The current limit is $118,500, and raising it to apply to all wages up to $999,999 would generate considerably more funding for Social Security. The current Social Security tax rate is about 12%.
Millionaires can receive it, but only if needed. For them it is similar to paying for health insurance. If their wealth falls to a lower level, and with proof of the lack of wealth, may apply on or after age 62 and receive their payment.
Please consider signing this petition, as all workers who have paid into Social Security deserve to receive their payment when they reach eligibility age in the future.