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Dear John,
Blink and you might have missed it. High-income individuals earning $50,000 per hour stopped paying Social Security taxes in the first week of 2022.
Incredibly, those making $50 million a year hit the payroll tax cap (set at $147,000 in 2022) on their first day of work in the new year. Unlike the wealthy, the vast majority of workers in America will pay Social Security taxes on all of their earnings all year long.
Here at the National Committee, we are fighting to pass the “Social Security 2100: A Sacred Trust Act” that would require high-income earners to pay their fair share into Social Security, which would go a long way to strengthen the Social Security Trust Fund.
It’s time to raise the Social Security earnings cap to not only bring in more revenue into Social Security but to also help level the playing field. As you know, for too long, workers and retirees have shouldered an unfair burden of taxes, while policies in Washington continue to favor the wealthiest among us. And so the rich keep getting richer, while lower- and middle-income individuals continue to fall further and further behind.
Please help us wage a winning battle to strengthen Social Security’s solvency and ensure all workers and retirees can live a dignified and secure retirement by chipping in a gift in whatever amount you can afford today!
Sincerely,
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