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Posted On: 01/09/2023 5:33:35 PM
Post# of 124803
Re: Goosebumps #98613
The easiest way to assure solvency for SS is to lift the cap on earnings subject to SS withholding. Make it like the marginal tax rates, smaller rates as the amount withheld increases.
$147K is an unrealistically low cap considering how much over that is left on the table. Hell, lift it to $500K over 20 years as average income increases.
https://smartasset.com/retirement/social-secu...f%206.2%25.
Despite valid concern about a depletion of funds in the near future, the idea behind Social Security benefits is easy enough to understand. You pay into it while you work, and it pays you back once you stow your briefcase for good. For most salaried employees, the tax you pay is 6.2%. However, that only applies to income you earn up to $147,000; income in excess of that Social Security wage base limit won’t be subject to the tax.
$147K is an unrealistically low cap considering how much over that is left on the table. Hell, lift it to $500K over 20 years as average income increases.
https://smartasset.com/retirement/social-secu...f%206.2%25.
Despite valid concern about a depletion of funds in the near future, the idea behind Social Security benefits is easy enough to understand. You pay into it while you work, and it pays you back once you stow your briefcase for good. For most salaried employees, the tax you pay is 6.2%. However, that only applies to income you earn up to $147,000; income in excess of that Social Security wage base limit won’t be subject to the tax.
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