An open letter to the President & U.S. Congress; State Governors & Legislatures

Eliminate the Social Security Payroll Tax Cap to Address Inequality

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I need you to support eliminating the Social Security payroll tax cap. This isn't just about fixing Social Security's projected 2032 shortfall. It's about addressing decades of unchecked inequality that began accelerating in the late 1960s, when no one envisioned the extreme concentration of wealth we see today. The current $184,500 cap means millionaires stopped paying into Social Security this week, while the rest of us pay all year. From 1983 to 2000, the top 6% of earners saw their real wages grow 62% while the remaining 94% saw just 17% growth. The share of earnings subject to Social Security taxes dropped from 90% to 82.5% during that period. The system wasn't designed for this level of inequality. Eliminating the cap would fix 67% of Social Security's long-range funding gap. Polling shows that raising the cap on earnings over $400,000 is the most popular policy option among Americans. This isn't radical. It's correcting a system that has failed to adapt to an economy where wealth concentrates at the top in ways previous generations never anticipated. The trust fund runs out in 2032. We can either cut benefits by 24% or make high earners contribute their fair share. The choice is obvious.

▶ Created on March 10 by Eric

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