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Monday, August 24, 2009

How To Pay For Social Security

As you know, you are taxed at the rate of 6.2% of your income to finance Social Security. Your employer is taxed an equal amount. But when your income reaches $106,800 (if it does), the tax stops, e.g. is capped. Last year, there were 17,813,000 households in the U.S. who earned more than $100,000, but paid no more into Social Security than you did, but who will get exactly the same benefits as you will (do).

If all those rich folks made a Social Security contribution without a cap, it would raise $326 Trillion!! End of Social Security problem.

Write or email your congress persons. And do it now.

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