You do understand right now the rich get to invest everything over the cap in much higher interest earning funds than the poor slob middle-class grunt who never reaches the cap. You also understand that the poor slob can't opt out like teachers and government employees. And, we all agree those on the dole only take but never give. So as it stands right now, the middle class slob pays the bulk of social security with a return that sucks on a good day. Let's be honest. Social security is a way to shift money from the working middle-class to the idle poor. Drunks, fake disabilities, druggies are all collecting disability out of SS. So, I say sting the rich and lets get those who opt out as well if we can. Maybe then enough people will raise a big enough fuss to kill SS. Until then, the rich can kiss my ass.
Yes, we understand all that.
“Until then, the rich can kiss my ass.”
Dragging more people into the misery sounds more spiteful than it does a solution to the problem.
SS exists only because the middle and lower income people failed to provide for their own retirement. That gave FDR the excuse to have the government run the the rescue by forcing people into contributing for their retirement. The high earners have never given the government an excuse to interfere with their own retirement planning. High earners consider that 12% tax on the first $97K of their income to be just that — a tax where they will get practically nothing back for it. Eliminate the cap and it will just be a larger tax that they will get nothing back for it.
Contrary to your belief, there are not enough people in this group to matter politically. The really wealthy do not get their money from wages. Those are the ones that might have political influence. What you are talking about is hurting the comparative little guy — with $100K to $500K in wages — that couldn’t pull a political lever if his life depended on it.