High Earners Should Contribute Fair Share to Social Security: Policy Options

Although Social Security is our nation’s most secure, fair, and universal protection against death, disability, and economic insecurity in old age, not all Americans contribute equally to this critical family protection program.  Only wages up to a certain cap–$118,500 in 2015–are subject to the Social Security payroll tax.  Eliminating the payroll cap will ensure that millionaires and billionaires contribute the same share of their earnings to Social Security as the vast majority of Americans do, and, at the same time, eliminates a large percentage of the projected shortfall facing the Social Security trust fund.  This fact sheet details several proposals to ‘scrap the cap’ and fairly ensure that Social Security continues to work, and work well, for every American.

High Earners Should Contribute Fair Share to Social Security: Policy Options