The super-rich escape Social Security burden today

[packman]

Today 900 uber-rich have reached their cap on SS and no longer have to pay into the system. I knew I felt the universe readjusting itself. So happy for them

Damn it, fix this

http://www.dailykos.com/story/2014/01/05/1267378/-Today-900-Rich-People-No-Longer-Have-to-Pay-Into-Social-Security

[exboyfil]

1. Not just the super rich

Our Social Security financing system makes absolutely no sense. Those making income at the third tier (between approximately $50K to $105K) are carrying the system. Their contributions are credited at only 15% vs. 90% and 32% (http://www.ssa.gov/pubs/EN-05-10070.pdf)

I would be in favor of a reduced withholding for those over $105K that reflects receiving nothing for their contributions (in that they would be like the income in the 3rd tier - perhaps 4%/4%). Further I would not build up anymore trust fund with this extra money - instead I would reduce the withholding rates and funnel the cash into individual retirement accounts). Those accounts could invest in Treasuries and possibly other investments. Finally a max amount for withholding should be set for the future (perhaps 7.5%/7.5%). If future contributions cannot keep up with this amount, then benefits would be reduced by some sort of sliding scale based upon income.