Letters to the Editor

December 16, 2012

Lift cap on Social Security taxes

I have been thinking about this concept for years. The Social Security tax component has always been subjected to earnings limits. The limit for 2012 is $110,100; for 2013 it is $113,700 unless subsequently modified by Congress. Beyond those limits wage earners pay no additional social security taxes until the following year. The percentage, paid by both employers and employees is 4.2 percent currently and could go back to 6.2 percent if there is no agreement reached between the President and Congress.

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