I now endorse…………………….
Eliminating the cap on social security:
All agree this would eradicate any shortfalls for decades. (Yes, this could equate to as much as 14-15% in additional contributions by the wealthiest, but this could be somewhat alleviated in the future by prudent offsets.)
Amending the total Medicaid contribution from 1.45% for both employer and employee (2.9%) of earnings to 1.95% each (3.9%) regardless of wages – there is no cap:
I do believe this is an example of where we all need to pay a share. It also is an equal distribution – part of offset for social security cap removal which will to a greater degree impact the wealthiest.
*Already planned (but not implemented) is The Medicare-funding Hospital Insurance Tax, currently at 1.45 percent, will increase by 0.9 percentage point for higher earners, another provision of health reform. The increase will apply only to income that's in excess of $200,000 for single taxpayers and $250,000 for those married and filing jointly.
Currently, only wages and other labor income are subject to the Medicare tax. But under current law, unless changed, investment income will be subject to Medicare taxes starting next year. Yes, this needs to be implemented.