Bush has carefully left the door open to imposing the Social Security tax on salaries above the current $90,000 cap. Key players such as Senator Lindsey Graham (R-S.C.) have embraced such a plan.
... 31 and, of course, has a piece of that withheld for Social Security. Since the cap on such payments is $90,000 a year and the average American earns only $37,000, he or she pays Social Security tax ...
... House Majority Leader Tom Delay has publicly stated that the lower body will not pass a Social Security tax hike of any kind including increased marginal tax rates or a higher wage cap.
Even worse, it would do relatively little to fix Social Security. Studies show that removing the tax cap altogether would extend the solvency of Social Security by only seven years.
Raising the tax cap would simply defer Social Security's cash-flow problem by a few years -- it isn't a permanent solution. Social Security reformers could consider raising the cap as a financing ...
by raising the cap on earnings subject to the Social Security payroll tax so that 90 percent of earnings were taxed." I am not certain sure how this would work in detail.
... opposition to any revenue increase to close that shortfall. On February 16, however, President Bush indicated his willingness to consider raising the cap on income subject to the Social Security tax ...