Currently, Social Security taxes are 10.4%, and Medicare taxes are 2.9% (for a total of 13.3%) of an individual's annual income up to $106,800 per year. Once an individual surpasses this income level, however, Social Security taxes "max out", while the 2.9% Medicare tax remains in effect. This is why we need to fix Social Security.
Contrary to popular belief, the money we pay in Social Security taxes is not held in an account until we reach Full Retirement Age. Actually, the money we pay today goes to pay Social Security benefits today. Some people fear that, one day, the money paid into the Social Security system will not be enough to pay full benefits to beneficiaries.
I am committed to protecting Social Security benefits for seniors and others who will rely on benefits in the future. One way we can do that is by raising the artificial cap on taxable Social Security income to generate sufficient revenue to pay benefits today and for future generations.