Social Security is funded through deductions to everyone’s paychecks. We pay in while we’re working, and then collect benefits when we retire but not everyone pays equally.
While 94% of American workers pay Social Security tax on every dollar in their paycheck, the very richest Americans stop paying Social Security taxes on taxable earnings over $132,900 but it does not have to be that way.
By simply requiring upper-income Americans to pay the same tax rate as middle-class families, Social Security's benefits could be expanded, and its funding would remain in balance for decades beyond the longest projections.
Scrap the cap!
Require upper-income Americans to pay the same tax rate as the 94% of American working middle-class families that make less than $132,900 a year. This adjustment will keep Social Security solvent in perpetuity.