There’s a lot of talk and misinformation coming out of the self-righteous and fear-mongering Republicans that the Social Security Program is in trouble. I’ve heard it from Dave Brat at a town meeting at Moving Meadows in Culpeper last year.
Please stop calling Social Security an “Entitlement Program.” That’s Republican lingo for government handout. Social Security is an insurance program into which individuals and companies contribute (6.2% of earned income each) and self-employed individuals (12.4% ). The current cap on Social Security taxable income is $127,200 for fiscal year 2017.
Once, your earnings go above that limit, you are no longer subject to paying social security withholding tax. Please calculate the amount of social security tax that could collected from a Wall Street investor who earned $100,000,000.00 last year if there were no cap on Social Security earnings – an additional $6,192,113.60. Is this fair?
Should these wealthy people contribute more to those less fortunate (the children, the disabled, the Vets with PTSD, mothers with chronic diseases) than the minimum that a cap of $127,200 allows? Where is the concept of the “Common Good”? Virginia is not a state; it is a Commonwealth: the title means we hold values and wealth in common with every other citizen in this polity.
Dennis F. Verhoff
Editor’s note: this piece originally appeared as a letter to the editor in the January 18th print edition of the Culpeper Star Exponent, and has yet to appear on-line, and has been re-posted here with the author’s permission.