Moreno’s Social Security tax hike would hurt working families, businesses

Summary

Sen. Bernie Moreno (R-Ohio) has joined Sen. Elizabeth Warren (D-Mass.) in proposing to eliminate the Social Security payroll tax cap. This would impose the 12.4 percent tax on all wages and self-employment income, on top of the graduated income tax. Today, the Social Security payroll tax applies only to the first $185,000 or so in…