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Congressman Proposes No More Cap On Social Security Tax For The Wealthy

Congressman Holt, (D-NJ) proposes asking the wealthy to pay the same tax rate into Social Security as the middle class.

U.S. Rep. Rush Holt has launched the third in his series of whiteboard videos making the case for bold progressive ideas. In the new video, “Social Security,” Holt argues that millionaires and billionaires should pay the same percent of their income to Social Security as middle-class workers.

“Ordinary people contribute about 6 percent of their paycheck to Social Security,” Holt explains in the video, “but someone earning a million dollars pays less than 1 percent. That's because Congress has given millionaires and billionaires a free pass: an absolute cap on their social security taxes."

Holt proposes asking the wealthy to pay the same tax rate into Social Security as the middle class. “That would save Social Security, ” Holt says, “no need to raise the retirement age or cut benefits. This isn't rocket science; it isn't even fifth grade math."

You can view Rep. Holt's other videos in the whiteboard series, at the links for “Wall Street” and “Student Loans."

BTW, Rep. Holt is also running for the U.S. Senate in NJ, competing with Newark Mayor Cory Booker, the favorite.

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