I’m very OK with capping the salary level at which you contribute to SS. If you’re doing well and capable of saving—rather than being forced to thru SS—you should do a lot better doing it yourself than having the government do it.
With respect to Ted’s comment about means testing Social Security, you’re right, it could get messy without the IRS. I suppose you could key it off of the flat tax revenues, however they are monitored. The worst policy would be to inquire as to wealth. Wealth taxes are the leftist wet dream, and it would be a shame to have that happen in a misguided conservative quest for fairness. Cruz is a smart guy, however, so I doubt he’d go that way given the opportunity to think it through.
There already is & has been a cut-off thresh hold for deducting Soc Sec. At present, it is around $110,000 gross income.
The limit on earning which trigger contributions to Medicare were lifted years ago. IF you make $100,000,000 a year you will pay into Medicare & your employer will have to match this.
I don’t know exactly how sports teams handle this. Since each player has his own contract, I don’t know if they are considered employees or indipendant contractors. (1099).