#2 - Eliminate the Maximum Taxable Limit
The 1999 Maximum Taxable Limit (MTL) for Social Security is $72,600; it is indexed to the average real wage
Any income over that $72,600 is “tax-free” from Social Security, but not Medicare
*In 1993, there were 1,043,213 tax returns showing income over $200,000. The number is growing at 5.4% annually
Eliminating the MTL for Social Security will increase contributions over $90B yearly.
*Source: High Income Tax Returns for 1993, published by the IRS, 1997