Americans Would Benefit from Raising the Social Security Payroll Tax Cap

Syndicated from post here.

Today, individuals who make one million dollars will stop paying into Social Security. The maximum amount of earnings that can be taxed for Social Security in 2017 is $127,200, and millionaires just hit this cap. This means that those with the highest earnings in the US pay a lower rate than the vast majority of Americans, since 94.6 percent of workers have incomes below the cap.

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