✉news BusinessPersonal Finance first seen 1 d ago, last 1 d ago, peak #30
The Social Security Tax Cap That Lets High Earners Stop Paying by March
Original: The Social Security Tax Cap That Lets Million-Dollar Earners Stop Paying by March
Social Security payroll taxes apply only up to an annual wage cap, meaning workers with very high incomes finish paying the tax within the first months of the year. A million-dollar earner can hit the limit by early spring and stop contributing for the rest of the year, while most workers keep paying on every paycheck. The setup has long drawn debate over whether the cap is fair, since it shields the largest incomes from the tax that funds retirement benefits.
Why now: Ongoing debate about the fairness of the Social Security wage cap and proposals to raise or remove it
Social Security Administrationhigh-income earners
Evidence
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