Payroll taxes

Most people have payroll tax deducted from their pay checks. This is money that goes to social security and Medicaid. The employee pays 6.2% into social security and 1.45% into Medicaid and the employer matches those contributions. While income tax is collected on all wages the payroll tax in only collected on the first $117,000 of earnings. Since most people earn less than that they are not aware that there is a cap on earnings. Senator Bernie Sanders who running for president wants to remove the cap and collect payroll tax on all wages. This would bring in a tidy sum of about 90 billion dollars per year but it would have very little effect on the superrich since most of their income is from capital gains which are not subject to payroll tax. This tax would hit the rich who earn their money in the form of wages. These are business owners and corporate executives and other successful professional people. These are also the job producers and this flies in the face of Senator Sanders other priority which is creating middle class jobs.