Letter: Reasons to boost employers' Social Security contributions

This is in response to Mr. Francke's Feb. 6 suggestion to increase the percentage of wages employees and employers pay into Social Security. He contends it would have little effect on either the employee and employer. However, this idea would definitely affect the lower wage earners and small business owners the hardest.

Currently, all employees pay 6.2% of their gross wages (up to $160,200) in Social Security taxes, which are matched by the employer. The maximum any employee will pay in Social Security taxes in 2023 is $9,932 (6.2% of $160,200). If someone earns $250,000, they will pay $9,932 (3.97% of their gross wages), $500,000 wage earners will pay $9,932 (1.98% of their gross wages), $1 million wage earners also will pay $9,932 (.0099% of their gross wages). This is fundamentally not fair.

Mr. Francke also states that eliminating the Maximum Taxable Earnings cap would lead to companies leaving the U.S. With the tax breaks passed that have benefitted the wealthy and large corporations, along with record profits being reported in the billions of dollars, they can well afford to pay the increase in Social Security taxes.

However, this would possibly lower their profits and make stockholders unhappy. After all, it's all about keeping the stockholders happy. If the Maximum Taxable Earnings cap can't be eliminated completely, it should, at the very least, be increased to encompass wages up to $500,000, at a minimum.

This would guarantee the Social Security program continues its viability for the future. The more paid into the system, the more everyone benefits.

Diane Hecht

Arlington Heights