17 Aug 2026 3:28 pm
I really don't have a problem with it, just realize that eliminating the earnings cap also eliminates the maximum benefit amount.jerrab » 17 Aug 2026, 1:50 pm » wrote: ↑ Most Americans pay the payroll tax -- currently 12.4%, split evenly between employee and employer -- on all of their income each year, but that's not true for the wealthy. The Social Security Administration only assesses this tax on the first $184,500 a person earns in 2026, so those who earn more than this aren't paying the tax on money over this limit. ////// in other words millionaires only pay social security tax on only 184,000. That Ieaves over $800,000 not taxed and that is just one person.
Original Intent: Designed since 1937 as a contributory social insurance program rather than a general income tax, it explicitly limits both contributions and payouts.