Greenspan says - cut Social Security.. [View All]

[Postman]

How about this for an idea?...ELIMINATE the CAP of the Social Security tax on the wealthy?

http://law.freeadvice.com/government_law/social_security_tax.htm


WHO PAYS THE SOCIAL SECURITY TAX?
If you work for an employer, 6.2% of your wages is withheld and your employer deposits the withholding, along with its 6.2% matching contribution, with the government for the social security programs. In 2003, the employee tax and matching contribution stop after the first $87,000 of wages


If you are self-employed, you pay 15.3% of your taxable income into the social security and Medicare programs, up to the first $87,000 of income. You continue to pay 2.9% of your taxable income into the Medicare program for your earnings above $87,000. As a self-employed person, you get to take a special deduction from your income when it comes time to pay your federal income tax.