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Lift the cap on Social Security taxes

Why not lift the cap on Social Security taxes?

Reviewing the 2016 federal spending graphs that accompanied John Fritze's excellent article, it is obvious, at least to me, that 50 percent of the spending could be offset with one minimal tax increase ("What's in it for Md.," Feb. 3). However, no politician would have the intestinal fortitude to suggest it because it would be a tax on both the rich and on corporations.

Simply said, merely eliminate the cap on annual individual earnings which are subject to Social Security withholdings. The majority of voters, those who earn less than the "cap" of approximately $120,000 per year, do not realize that one exists. Someone earning a million dollars a year and their company should be able to afford additional deductions of $70,000 each. Think of the additional tax revenue for a CEO "earning" $30 million annually.

This one move would probably bring in the money needed to pay for the mandatory programs. As for the payouts to those "over the cap," there is always "means testing."

So much for this thinking by a middle class taxpayer, as it will never happen.

Rowland E. King, Towson

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