UPDATE 1-Obama backs lifting income cap for Social Security

Awesome! I have been preaching that for years. Not only do I think he should raise the cap, he should eliminate the cap altogether. Let EVERY american pay their fair share of SS taxes. Especially the Billionaires and all the Wall Street crooks!!! If you eliminate the cap altogether, you can then decrease the % of SS taxes that are taken out weekly. Now its somewhere around 7% for all of us making up to around $107,000 a year. If you eliminate the cap, the Wall Street crooks will and everyone else will have to pay, thereby allowing the overall rate to be dropped to lets say 2%. So you are increasing the fund, lowering the rate, making everyone pay their 2% and the folks who have been carrying the burden, the $107,000 and under will actually realize a tax cut on the first $107,000 of income.