HR 3765 and 3630 lowered the Social Security tax rate to 4.2% on employees, and 10.4% on the self-employed for 2011-2012.
The non-refundable Social Security tax is calculated on the first $113,700 of income.
All low-income and middle-income earners must pay this tax.
An increase in this tax directly impacts all low and middle-income earning households.
President Obama has stated that he does not wish to increase the tax burden on low and middle-class families. Nearly all of Congress has said they do not wish to increase the tax burden on low and middle-class families.
Effective in 2013, Americans saw a decrease in their net pay as the rate increased from 4.2% to 6.2%.
We petition that President Obama work with Congress to permanently change the Social Security tax rate back to 4.2%