Liberal Forum

jerrab » Today, 4:30 pm » wrote: ↑

Today, 4:30 pm

social security tax is less and it is not taken out after 167,000. lift the cap of the amount of how much money is  taxed for social security. 

edit////     $168,600

Social Security tax is calculated as a percentage of gross earnings. Every year, the government sets a limit on the amount of your earnings that can be taxed for Social Security. That limit in 2024 is $168,600, up from $160,200 in 2023

Of course there is a cap unless you want much larger SS monthly payments going to people financially in a better place. You raise that cap but the formula remains the same which results in higher monthly payments for those folks.

Raising the SS payroll tax makes more sense,  2%.
1% for the employee 
1%for the employer 

We'll be good for another 75 years.