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I agree with you on closing the loophole. However, I would count any money taken through this loophole as income. Another limit I would remove is the current limit on Social Security/medicare taxes. It doesn't matter how much you make; you should pay that tax.

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I and many other HN participants are in the privileged few who would actually see higher taxes from that change in SS and Medicare taxation. I'm on board. But most probably are not. It is weird and still somewhat foreign to me that my paycheck increases in the late fall / early winter. I appreciate the extra money coming in, but realistically it wouldn't make a material difference in my life if it didn't.

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