Letter: Remove cap on taxable wages
Saturday, December 8, 2012
Once again Republicans are going after Social Security as a way to reduce the deficit.
If they were serious about reforming the system they should look at the cap on contributions into Social Security.
I do not understand why there is a cap. The more you earn, the less you pay (as a percentage of income). This makes no sense. And if your income is from dividends or capital gains, you pay nothing at all into the fund. What is the sense in special treatment for those who sit idly by, taking in capital gains and stock dividends as opposed to those who earn from the sweat of their brow?
The solution to resolving problems with Social Security is simple. Stop coddling the rich.
Tax all income.
Philip B. Scott