[MandoMan]

This year, workers pay 6.2% of their first $147,000 in FICA taxes and their employers match that. If they make more than that, no FICA tax. Self-employed people pay 12.4% in FICA tax. Next year workers will pay FICA tax on the first $160,000 of income, above which there is no FICA tax. As for the Medicare Subsidy, people pay the same percentage no matter how much they earn. But not for Social Security.

I recommend that FICA tax be paid, like the Medicare Subsidy, on ALL income, no matter how much people earn. Perhaps we might spare employers and ask those making more than $160,000 next year to pay all 12.4%. A non-self-employed person next year making $160,000 would pay almost $10,000 in FICA tax. But under my proposal, if that person earned $1 million next year, the person would pay about $110,00. (Top of my head estimate.) Someone making that much can afford it. Be honest. Did you ever earn $160,000 in a single year? I barely earned half that. This wouldn’t hurt me at all. It probably wouldn’t hurt you, either. But think how many millions it would help. This would make raising the age for full retirement and Medicare unnecessary. It would rescue Social Security.

I admit that I invested a lot in mutual funds and did very well—until this year. Millions of us making under $160,000 a year still managed to invest and prosper. I have a couple friends who are billionaires, and I know several dozen who have at least ten million. Nice people! I like spending time with them. But frankly, they are rich. I’m not, and you aren’t either, probably. I don’t care if you are a Republican or a Democrat. But why should we coddle and protect the rich? We are never going to be one of them, though I think many Working Class and Middle Class people secretly believe they will. But they won’t. The document above also recommends cutting even more from the Social Security received by those making more than just Social Security payments.. (I had to pay $10,000 of my Social Security income last year in tax, in addition to what I also paid on other retirement income.) But that definitely won’t solve the problem. It really hurts people like me. I say let those with high salaries pay a fair share on all their income to help those in the bottom 60%. They can afford it, but millions of less prosperous Republicans and Democrats can’t. It is not our duty to do our best to make the rich richer. I’m a Capitalist, and I love my country, salute our flag, and believe in democracy and Wall Street. I like what I have. But we all know that some people have profited far more than most of us, some making millions a year. I pay a lot in taxes, and I’m against raising them, except on those paying far less than a fair share. Do you want tax cuts for yourself? The money has to come from somewhere. The Study Committee suggests taking it from the little guys like our children, the Middle Class and Working Class, even though it really hurts those reaching retirement and Medicare age. We should stand up and say we aren’t going to take it!