While the FICA tax is necessary to maintain the solvency of Social Security, the decision to allow the rate to rise from 4.2% to 6.2% places an unwarranted burden upon those making less than $113,000 a year. This decision is not consistent with the White House's position that tax rates for those making less than $250,000 should remain steady.
Consequently, it is the opinion of those signing this petition that the most consistent and fair approach is to restore the FICA tax rate to 4.2% and raise the cap on income subject to the FICA tax to $400,000. This will provide the necessary revenue and shared responsibility required to ensure the survival of this program for future retirees.
Thank you for your consideration.