Let me explain one way you are about to get screwed by Obama's $250K tax break?

[Oasis_]

39. I support removing the cap as well..

however, there will need to be some serious horse trading to accomplish it--mainly a complete overhaul of our tax system.

I'd propose:

1) The aforementioned complete removal of the FICA cap which should in theory provide an increased monthly benefit to recipients (stimulative measure) while ensuring solvency for decades

2) A national sales tax of 1.0% to fund a transfer from private to a single payer system that obviously guarantees as a birthright health care to every citizen

3) Earned income up to $35,000 (single--70,000 married) is exempt, followed by a flat tax system of with the tiers negotiable, but no tax payer ever pays a marginal rate higher than 28%.

$250,000 > 28%.

$150,000 - $249,999 -- 25%

$75,000 - $149,999 -- 15%

$35,001-$74,999 --9%

The reduction in marginal rates is something of a "rebate" to offset the FICA cap removal. I'll trade lower marginal rates all day long for a windfall to the SS trust fund and Single payer.

The wealthy can only be taxed so much before avoidance becomes a major issue. I don't believe in the concept of punitive taxation. There's lots of statistics that confirm the rich are already paying their "fair share", by in large. This is more along the lines of "tax shifting". A Social Security program flush with funds that can actually afford an increase to beneficiaries coupled with a truly viable single payer system removes much of the need to tax the income of the wealthy beyond the rates I've proposed. The redundancy in the myriad of health care programs on the state and federal level we have currently is a major cost, and the savings captured would be substantial.