There is something really wrong with raising the ceiling on SS taxable
wages. First the number of people it would affect would be pretty
small, so I doubt if it would fix the problem without some other
changes too.
But the second thing that is wrong with it is that the SS system is
already tilted way in favor of the low wage earner. I forget the exact
numbers, so go to the gov site and get the right ones. But of the
first thirty thousand dollars of earnings per year, 100 percent of the
earnings count toward figuring what you get when you start to draw.
From 30,000 per year to maybe 60,000 per year only half of that amount
counts in figuring what you get. And from $60,000 up only 15 percent
counts in figuring what you get.

Now thrown in on top of that, if your total income is below something
like $35,000 (filling jointly ), you pay no income tax on your social
security income. Above that it scales up until you pay tax on 85
percent of you social security income. So that high paid CEO already
pays a bunch of income tax, you want to collect another 12.7 percent on
top of that ( on that 10 million that would be 1.27 million ) and when
he retires he would pay income tax again on what he gets from Social
Security ( money he already paid income tax on before he sent it off
to the SS system. )
In short you want him to pay something like 1.27 million per year into
the SS system , in order to collect about 18,000 per year when he
retires, and pay about 6,000 income tax on that. Those CEO's would
fight that. And since they contribute to campaigns, that idea will
never pass.

Note that only applies to the CEO. It does not apply to the president
or any member of Congress. You surely don't think Congress is going to
vote that they have to pay into the Social Security system. Never
happen. It is a good enough system for you and me, but not for that
Congressman behind the tree.


Dan