Currently, the government charges a 6.2% tax on Social Security, up to the first $94,200 of income. That means that whether you make $94,200, $942,000, $94,200,000, or $942,000,000, you'll only pay $5,840 a year towards Social Security.
Given the shortage of funds and the projection of little or no SS money being available for those in my generation and younger (I'm 25), why doesn't Congress just take off the limit and tax all wages 6.2%? The increase in funds would be enough to save social security and there'd probably be money to fund the healthcare problems too. What do you think?
2007-03-08
06:18:35
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6 answers
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asked by
Luvly
3
in
Politics