Reply #22: Absurd, Just Raise the Income level that pays the tax [View All]

[JPZenger]

The social security tax is currently very regressive. It really hurts low income people, especially the self-employed. A self-employed person currently needs to pay almost 15% of their income for social security and medicare tax - in addition to regular income taxes.

Someone could make millions in unearned income (such as stock dividends) and not pay any social security tax. No Social Security tax is paid on income over a certain level (I believe about $90,000).

If we simply increase the maximum income that pays the social security tax, and put the money into a true lockbox, then Social Security will be fine.

For people born after 1961, they already can't collect full social security benefits until they turn 67. Many people don't realize that. Try working until you are 67 in a construction job.


"What part of the lockbox didn't you understand?" - Al Gore on Saturday Night Live