Here's a soft lie that must be debunked before it gets off the ground!

[TrollBuster9090]

19. Thank you! There's an equally clear solution. Remove the payroll tax cap.

At present, everybody pays 6% (including those 47% 'freeloaders' that Mitt was telling the billionaire's club about) UP TO an income of $106 000, above which the amount you pay is CAPPED at what you'd pay at $106K

So...some poor schmuck who earns $12 000 a year working minimum pays 6% of their income in payroll tax
Some lucky schmuck who earns $100 000 a year pays 6% of their income in payroll tax
and
Some EXTREMELY lucky schmuck who earns $100 000 000 a year pays the cap of $6000 payroll tax, which translates to

(6000/100 000 000 X 100%= 0.006%), less than one tenth of one percent of his/her income in payroll tax.

1. Where I come from, we call a tax rate that SHRINKS as a proportion of income the more you make a "REGRESSIVE tax."

2. The rational for doing this was that somebody who makes $100 000 000 could probably afford a much better retirement pension than the piffling $1000 or so a month that S.S. pays...but I'd say that that's not the point. The point of SS is to provide the minimum amount needed to live on retirement. The fact that you earn $100 000 000 today does not mean you won't go broke tomorrow, and if you do, you'll still have the $1000 per month, even if you now have ZERO income and assets.

Remove the Payroll Tax Cap, and we'll never again have to have this ridiculous conversation about 'solvency' of the Trust Fund.