It is interesting that in all the current talk of revising Social Security by increasing the age to start benefits, cutting benefits, and cutting the cost-of-living-adjustment increases, there is no talk of leveling the playing field.
The Social Security tax of 6.2 percent (temporarily lowered to 4.2 percent this year) is taken out of your annual salary until you reach the cut-off point of $100,100 (to be raised to $113,700 next year). After that amount, you no longer pay into the program for the rest of the year, in essence giving those earners above $100,100 a 6.2 percent pay raise at public expense. Where is the equity? Remove the cap, so everyone pays on all of their earnings.
Sen. Mark Begich is proposing such a bill. I urge everyone to contact your representative and support his efforts. Think about all the people in this county alone who earn more than the current capped amount receiving a 6.2 percent pay raise for the rest of the year, at your expense.
Removal of the cap is a remedy that would go a long way in fixing the problems in Social Security without hurting senior citizens.