Under the Social Security system, working Americans are subject to a 6.2 percent payroll tax on their first $97,500 of wages. Their employers also pay a 6.2 percent payroll tax on those wages, making the overall tax 12.4 percent. Those taxes support the Old Age, Survivors, and Disability Insurance portion of Social Security — in essence, the checks that are distributed to tens of millions of Americans each month.
But, Tax Notes reports, our nation's leaders are not subject to that 6.2 percent payroll tax on any of their wages.
"Hey guys," contributing editor Martin A. Sullivan asks in his article, "how about pitching in on the Social Security crisis?"
To interview Martin Sullivan on this issue, e-mail Wendy Lewis or call 703 533-4404.
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