To: The United States House of Representatives and The United States Senate
Tell Congress: End the Millionaire Social Security Tax Break
Investment bankers on Wall Street should pay the same percentage of their income into Social Security as nurses, teachers, and the rest of us. Doing so would shore up Social Security’s finances while making our tax system fairer. Take action now to end the Social Security tax break for millionaires and pass the No Loopholes in Social Security Act without delay!
Why is this important?
On February 12, those making a million dollars a year reached the annual tax cap. After that day, none of their income will be taxed to pay for Social Security. Meanwhile, 94% of Americans -- those who make less than $118,500 a year -- will chip in a portion of every single paycheck, all year long.
That’s right. A single mother working as an ER nurse pays 6.2% of every paycheck toward Social Security, 12 months out of the year. Meanwhile, a wealthy investment banker on Wall Street isn’t paying a dime into the system for the rest of 2015.
They say we can’t afford Social Security. No. We can’t afford to keep giving unfair tax breaks to millionaires and billionaires!
Add your name. Sign the petition and tell Congress it’s time to end the Social Security tax break for millionaires!