Read time: 1 minute

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.

Can you help us out?

For 16 years we have been exposing Washington lies and untangling media deceit. We work 7 days a week, 16 hours a day for our labor of love, but with rising hosting and associated costs, we need your help! Could you donate $20 for 2020? Please consider a one time or recurring donation of whatever amount you can spare, or consider subscribing for an ad-free experience. It will be greatly appreciated and help us continue our mission of exposing the real FAKE NEWS!

More C&L Coverage

Comments

NOTE: We will be changing to a new commenting platform in the next couple of weeks. We will supply more details as we get closer to the change. We understand some users are having problems with comments loading and this will hopefully remedy that problem

We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service (revised 3/17/2016) for information on our posting policy.