Social Security Administration

New Tax Structure / TAX GAP

I propose a new Social Security tax structure to alleviate the burden on the lower and middle class population. Under the current Social Security tax system, individuals who earn over $106,800 per year are not taxed on the excess income. I suggest creating an additional tax bracket, starting at around $350,000, to help ease the financial burden on middle income families who are simply trying to make ends meet. My plan will preserve the SSA trust fund, ending discussions about the possibility of it ever running out. In addition, the extra funds created can increase retirement benefits and enhance healthcare for millions of hard-working Americans.

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Idea No. 740