Letter: Remove the income cap on Social Security

Social Security is a lifeline for millions of Americans, yet concerns about its long-term solvency continue to grow. A simple, fair solution would be to remove the income cap on Social Security contributions.

Currently, earnings above $168,600 (as of 2024) are not subject to Social Security payroll taxes. This means that millionaires stop paying into the system while still collecting benefits in retirement. Not only do these high earners stop contributing, but their employers do as well, further reducing funds that could strengthen the program.

This cap creates an unfair system where middle-class workers pay Social Security taxes on every dollar they earn, while the wealthiest Americans only pay on a portion of their income. If the cap were eliminated, Social Security could remain solvent for generations without reducing benefits or raising the retirement age.

Social Security is not an entitlement—it is an earned benefit that workers and employers fund throughout their careers. Ensuring its stability should be a priority, and lifting the payroll tax cap is a common-sense reform that would make the system stronger and fairer.

I urge lawmakers to act now to protect Social Security for all Americans.

Sincerely,
Mark Schulte
Jasper