Make the Social Security wage base the same base as it is for the Medicare tax: all wages, not limited to just wages under $97,500. It's not fair that high income wage earners are exempt from the Social Secuirty tax on all their earnings over the Social Security wage base ($97,500 in 2007). The Social Security financial structure needs these incremental revenues, which the Social Security formulas will progressively benefit those who need it most.

The Social Security wage base is limited in 2007 to annual wage earnings of $97,500. Why should someone earning just under $97,500 be in a higher tax bracket than someone earning more than $97,500? Yet, for those whose earnings are over $97,500 they are exempt from paying the 6.2% portion of Social Security. That's not fair and it's not a smart way to fund Social Security. They're not exempt from the Medicare tax on income over the wage base, and they shouldn't be exempt from the Social Security tax either. The wage base should be eliminated.

Since the 1970's, households at the 95th percentile -- that is, households richer than 19 out of 20 Americans -- have seen their real income rise less than 1 percent a year since the late 1970's. Yet, the income of the richest 1 percent has roughly doubled. And the income of the top 0.01 percent -- people with incomes of more than $5 million in 2004 -- has risen by a factor of 5. So, these folks earning over the Social Security wage base can afford to pay the same Social Security tax rate as everyone else does, and I am confident that they would be happy to pay that tax given the abundance of their earnings. [Source for data: Paul Krugman, “Whining over Discontent,” 9/8/06, NY Times]

We need the Social Security taxes from all our workers in the system on all their earned income; high income earners should not be exempt from the tax. Yes, they will earn a larger Social Security benefit as a result, and they will have earned it. The formulas within the Social Security system assure a progressive result so that this additional tax revenue wil go to those age earners who need it most. We're all in this together; the wage base divides us. Make it unlimited or eliminate it: it's the same effect that would tax us all at the same Social Security tax rate on all our earned income.

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