urge the Congress to remove the cap on the Social Security Payroll Tax which is set at $110,100 in 2012.

The Social Security Payroll tax of 6.2% is capped at $113,700 in 2012. That means that any money you earn over $113,700 has zero Social Security tax. High earners pay a much lower percentage of payroll taxes than lower income workers. For instance, if you earn $50,000 you pay 6.2% and your employer pays 6.2%. If you earn $227,400 a year you would only have to pay 3.1% in Social Security taxes. Someone earning a million dollars a year would pay less than 1%. This system has created shortfalls in the Social Security Trust Fund. If the cap is eliminated additional benefits can be created for lower income earners and the Social Security Trust Fund would be strengthened. Senator Mark Begich of Alaska has introduced a bill that would eliminate the cap on the Social Security Payroll Tax.