I guess I just don't understand why it is OK that someone who makes $100,000.00 a year should pay 6.2% payroll tax on 100% of their income, yet someone who makes over $250,000.00 pays on less than 50%.
Let me try this one.
Social security benefits have their limits and regardless how much money you make, you cant get more from social security then you put in over the time.
When talking about fairness, if you remove cap on payroll tax, woudn't be fair to remove cap on social security benefits and give to rich equivalent in social security based on how much money they put in.
So if cap is (rounded) $100K, your SS check is (wild guess) $1500. If you remove cap on rich and tax them across the board, would be fair to still pay them social security just $1500 or maybe more, since they paid more taxes.
No, Obama wants to remove the cap on payrol and keep the cap on SS benefits. Fair enough?