With all this talk about the fiscal cliff and Republicans claiming they need to "save" Social Security by cutting it, something popped into my head as an idea to meet in the middle.
I dont actually want to see the income limit on new taxes go higher than $250k (such as the proposed $400k), but what if a proposal along the lines of "all income over the current $110k UP TO the limit agreed on for income taxes to not go up" are now subject to the 6.2% Social Security tax. Basically, if taxes stayed at the Bush rates for income under $400k, than the first $400k of income is subject to the Social Security tax. This would help extend Social Security (though its not really in trouble), but the trick would be making this permanent.
Personally, i would like to see all income subject to the Social Security tax, but this could be a good start from the current low amount of $110k. Thoughts?
Sorry for the short length of the diary