If you earn $117,000 per year or less, 6.2% of your paycheck is taxed and paid into the Social Security system (labeled FICA on your check). FICA taxes fund Social Security retirement and disability benefits.
Any income over and above $117,000 is not subject to this 6.2% tax. Yet every citizen, regardless of financial status, is entitled to receive Social Security benefits.
Taxing income above $117,000 would ensure that Social Security benefit levels are not cut in the future and will continue to help keep thousands of elderly and disabled individuals out of poverty.
As election day approaches (November 4), consider asking candidates for Congress the following question:
What justification exists for giving high wage earners a tax break on their income above $117,000 when doing so will lead to future benefit cuts for workers who paid into the Social Security system their entire lives and who are depending on those benefits for a secure retirement (or to protect them in the event of a disabling injury or illness)?