It may come as a surprise to most Americans that they are paying far more (percentage wise) into Social Security than wealthy people.
In a recent video (below), Rep. Rush Holt (D-NJ) explained how millionaires and billionaires pay less 1 percent, while the middle class pays 6 percent, notes CrooksandLiars.com.
"I get angry when I hear Republicans say, 'we have to cut Social Security to save it' and angrier when Democrats agree. I'm angry because they are misleading you to protect the privileged and hurt everyone else," says Rep. Holt.
“Ordinary people contribute about 6 percent of their paycheck to Social Security, but someone earning a million dollars pays less than 1 percent. That's because Congress has given millionaires and billionaires a free pass, an absolute cap on their social security taxes."
Rep. Holt wants rich people to pay the same percentage as the middle class, which would "save Social Security" and adds: "No need to raise the retirement age or cut benefits. This isn't rocket science, it isn't even fifth grade math."
Rep. Holt is running for New Jersey's U.S. Senate seat against Newark, New Jersey Mayor Cory Booker, the favorite. However, Rep. Holt recently won a straw poll among Democrats in Sussex County, notes NJ.com.