Should income above the current cap (~$176,000) be subject to Social Security payroll tax?
FEDERAL · UNITED STATES
ECONOMY
OPENED AUG 8
Earnings above the annual cap are not taxed for Social Security, and the program's trust fund is projected to be depleted within the next decade. Lifting the cap would extend solvency; opponents call it a large tax increase that breaks the link between contributions and benefits.
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