Your Take 
141
comments

Your Take: Raising the Social Security Income Cap

Email  Print Print  

It’s been talked about for a while now but Senator Bernie Sanders (I-VT) has introduced a bill that would remove the Social Security income cap. Right now, the cap is at $106,800. This means that employees would pay their share of the Social Security tax for all of their income, not just what they earn under the cap of $106,800. Right now, employees pay 6.2% to Social Security on compensation up to $106,800 (it’s actually less because of the payroll tax holiday), which means a maximum payment of $6,621.60. If this bill were to become law, there would be no limit.

I’ve always found it strange that there was a Social Security income cap in the first place but that’s how the system was designed. It seems like a sensible idea and I’m eager to hear what the accountant thinks this will do in terms of SS solvency.

What do you think about it?

{ 141 comments, please add your thoughts now! }

Related Posts


RSS Subscribe Like this article? Get all the latest articles sent to your email for free every day. Enter your email address and click "Subscribe." Your email will only be used for this daily subscription and you can unsubscribe anytime.

141 Responses to “Your Take: Raising the Social Security Income Cap”

  1. roommate says:

    ss is a ponzi scheme which will go bankrupt in a few decades just like the us gov with $14.7 tril in debt


Please Leave a Reply
Bargaineering Comment Policy


Previous Article: «
Next Article: »
Advertising Disclosure: Bargaineering may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.
About | Contact Me | Privacy Policy/Your California Privacy Rights | Terms of Use | Press
Copyright © 2014 by www.Bargaineering.com. All rights reserved.