Re: So much for the resilience of Stainless Steel
"The problem is that two of those are payroll taxes, paid by the employer"
Ah, the beautiful scam of 'employer contribution'. There is, in fact, no difference between:
A worker gets paid $107.50, the government takes $15 in social security contribution
AND
A worker gets paid $100, the government takes $7.50 in social security contribution and the employer matches that with another $7.50
In both cases, the employer pays 107.50, the government gets 15, worker gets 92.50. But employers and governments go along with the fiction that is the second case because it looks like the government is taxing at half the rate that it actually is, while the employer gets to look generous. Guess what, the employer is calculating that contribution when it sets salary levels!! So I don't know about the 1.45% bit, but the 'employer contribution' is very definitely a government tax that is borne by the employee.
With regard to the cap, that is exactly the point, it is set up to be completely directly proportional, which makes it more of a burden in real (non-percentage) terms for lower-income earners. But frankly, messing around with the cap is tinkering around the edges, social security is a broken model. It was set up with retirement at 60 when life expectancy was 65 and worker-pensioner ratio was about 10:1. Now life expectancy is in the high 70s and worker-pensioner ratio is about 4:1 and falling. People protesting the increase in pensionable age are deluded. They might have been duped by successive generations of politicians kicking this particular can down the road, but the maths doesn't lie. Anyone drawing a pension for 15+ years after 40-45 years work paying 15% contribution is taking far more out of the system than they put in - that's the baby boomers got themselves sorted! Meanwhile my generation (Gen X) will have spent all our working lives contributing to the boomers' pensions since they turned 60, will probably have to work until 70 and even then it's questionable if we ever receive a pension. Successive generations are even more screwed, but at least they can start saving privately early for their own retirement (oh, yes, with what savings, you will ask???)