Americans with Million Dollar Salaries Stop Paying Into Social Security Before March While Everyone Else Continues

Newsweek: Americans with Million Dollar Salaries Stop Paying Into Social Security Before March While Everyone Else Continues (February 19, 2020)

Social Security, which provides retirement, disability, and survivor benefits to one fifth of the U.S. population, is funded by a payroll tax capped at the first $137,700 of earned wages, and excludes income from other sources such as capital gains. The burden of sustaining Social Security is not being carried fairly by the rich. One simple fix is put forth in the The Social Security 2100 Act ,which would apply the payroll tax to wages above $400,000 and adjust the benefits to rising costs of living Justice in Aging Executive Director, Kevin Prindiville said, such a move is, “a key step in combating senior poverty in our country.”

 

 

 

Vanessa Barrington

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