Raise the Social Security maximum taxable earnings ceiling to $500,000 to reduce the regressive impact of payroll taxes

The Social Security tax ceiling should be raised to reduce the regressive taxation of Americans making less than $113,000. Currently, Americans making less than this ceiling are taxed on 100% of their income while Americans making 1 million dollars are taxed on about 10% of their income. Raising the ceiling will assure the stability of Social Security for generations to come.