MI HR0077

Urges the U.S. Congress to eliminate the cap on taxable earnings subject to Social Security payroll tax, which was set at $127,200 for the 2017 calendar year.

Identifies the earnings cap as regressive policy that benefits approximately 7 percent of high-income workers annually while limiting the financial burden of the program for wealthy workers and families.

Cites Social Security Trustees projections that the Trust Fund can only provide full benefit payments through 2034, with payroll deductions covering only 75 percent of promised benefits thereafter due in part to the earnings cap limiting tax revenue to 83 percent of covered payroll instead of the intended 90 percent.

References Congress's 1994 decision to eliminate the Medicare payroll tax cap as precedent for taking similar action with Social Security to ensure program solvency.

Directs transmission of the resolution to the President of the U.S. Senate, Speaker of the U.S. House of Representatives, and Michigan's congressional delegation.