Thursday, Jan. 3, 2013 | 2:01 a.m.
Marty Stark’s letter to the editor, “Social Security easy to ‘save,’” reiterates my opinion regarding Social Security and the proper way to fix it.
The system is funded by taxes on personal income under $110,000. Those of us who make $110,000 and less pay 7.65 percent of every dollar. However, those making millions of dollars, including all NBA basketball players, singers, actors, actresses, CEOs. etc., pay only FICA tax on $110,000; all other income is not taxed for Social Security. Really?
Every year or so, Congress raises the level of taxation on these dollars but will never remove the limits of this taxation. We, the people who go to the basketball games, go to the theater to see the movies, buy music, drink Starbucks, buy their designer clothing, etc., have made these people rich. Shouldn’t we ask that they return the favor by funding Social Security with 100 percent taxation of their income?
I am sure a major portion of the population is unaware of this unfair taxation. The limits need to be removed, and that would help make Social Security flush with money for years to come.
Will we see our Congress and Senate make this change?