As part of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that was recently signed into law, the 2011 Social Security tax rate has been reduced from 6.2% to 4.2% effective January 1, 2011. This 2% decrease reduces applicable Social Security tax that will be deducted from your pay during 2011.
You don't owe 6.2% as has been the case, you owe 4.2%. The employer still pays 6.2% on your behalf. So instead of a total of 12.4% of your wages going to SS, 10.4% does. It is seen as a way to give wage earners a tax break.
t doesn't make much sense to rob from an account that is already paying out more than it is taking in.