Tax equality. This means that 100% of everyone's income is taxed for Social Security, not just middle class people (scrap the cap). It means that no matter the source of your income, it is all treated the same for tax purposes (no more calling a salary "carried interest" to change the tax rate on it, no more taxing dividends and capital gains at a different rate).
Remove all deductions, exemptions, allowances, loopholes except the first $25,000 for living, breathing taxpayers being free of all taxes. All income is ordinary income with no special rates for dividends, options, or foreign income. The same graduated rates to be paid on all income regardless of its source.
Restore the safety net and social contract with citizens. Vastly increase Social Security minimum payments especially SSI and Disability. Increase cost of living adjustments to equal real inflation, not fat cat inflation. Make all high income taxable to social security. Stop disability discrimination at SSA and vastly increase those eligible for SSI especially mental illnesses that used to be covered.
Simplify taxes. Eliminate most deductions. Have all income treated equally regardless of whether interest, capital gains, carried interest, etc. Have all income subject to FICA and Medicare not just wages. Stop using the tax code for corporate and personal welfare. Instead, use a grant program if you want to give money in lieu of tax breaks.
Lift the cap on Social Security Taxes! People earning $117,000 and above pay the Same Amount of Social Security Taxes as people earning Below $117,000. Do this and Social Security is not only Safe for the next 30-40 years but benefit payments can be at a level that actually makes people living on it "Secure".
Remove the cap on payments into Social Security so that any form of income either by salary, bonus, stock options, in kind use of special privileges such as limos., private aircraft, luxury living spaces or resorts, etc. provided without normal costs is subject to pay into the Social Security funds for the 'real' value of those privileges..
Remove the income ceiling used to calculate Social Security insurance. Include more than W2 salaries and wages in the formula. Why should high income individuals get all their SSI deductions from salaries above approximately $120,000 refunded. Again, this is an example of lower income people having to contribute a much higher percentage of their incomes, money that could go to basic necessities, not a second or third home.
Over 90% of U S taxpayers pay Social Security & Medicare taxes on 100% of their earnings. The new cap of $117,000 can be repealed so that the wealthiest among us join the effort to fully fund Social Security and Medicare. Their joining to pay on their entire earnings (including hedge fund managers with their attempts to do an end run on ALL income tax liability) will be BIG! Think and take action on fairness! Repeal the cap and simultaneously this huge tax break for the wealthy.
remove the cap on income subject to Soc Sec Fica/Futa taxes AND simultaneously and substantially reduce the tax for everyone AND simultaneously tax profits from profits gained from "carried interest" as ordinary income, the same way realtors are taxed when they risk their capital spinning mortgaged real estate.
Remove the FICA contribution cap (at least for employees, if not for employers, too). Include other forms of compensation (e.g., stock options; personal perquisite items like company cars; excess insurance coverage; etc.) in the "earned income" category for FICA and Medicare deductions. Tax short-term capital gains (< 2 years) at the same rate as earned income.
Federal income tax rates should be highly progressive and even reach 99% for incomes of hundreds of million dollars to billions of dollars per year -- no loop holes, and all income should be taxed at the same rate, whether it is earned income, dividend or interest income, capital gains, etc. This measure would increase revenues to the government for use in free education, universal health care, rebuilding the infrastructure, etc., but more importantly would take the profit out of greed.