Employees and employers now each pay 6.2% of wages (up to the Social Security Wage Base) for Social Security and 1.45% of wages for Medicare. The proposal is that employees pay the entire amount of FICA taxes with a corresponding increase in wages so that take home pay is not changed. Although currently the employee pays only half of the total, his labor must provide value to the employer to cover the employer's half as well. This proposal will adjust the accounting so that it is clear that the employer is actually bearing the entire burden.
Idea No. 2978