Deficit hawk Pete Peterson just cut a check to Social Security Works--WA. Bwahhhaaaa!

[hfojvt]

6. actually scrapping the cap would not force Peterson to pay what we pay

take, for example, somebody like Mitt Romney, even though he is not nearly as rich as Peterson.

http://www.democraticunderground.com/?com=view_post&forum=1002&pid=1167192

"Romney's income $21 million, tax rate 14%
Ryan's income (wages) $153,000, tax rate - 20% (not including payroll taxes of 7.65%)

Romney makes about 65 times as much as Ryan, but still pays a lower tax rate.

And most of Romney's income - $3.3 million in interest, $4.9 million in dividends, and $12.6 million in capital gains - is made without doing one iota of actual work."

Typical of a rich person, they make much of their income from
1. interest - which pays 0% in FICA taxes regardless of the cap on WAGES
2. dividends - again 0% in FICA taxes
3. capital gains - again 0% in FICA taxes.

Except for the medicare part of FICA, which only applies to Capital gains (IIRC) over $200,000, FICA taxes are only levied on WAGES. And super-rich people like Peterson and Buffet do NOT get most of their income from wages.