Should We Raise the Social Security Tax Limit?
In 2023, you only pay the Social Security portion of the FICA tax on the first $160,200. Earnings over that amount are NOT subject to this tax. And it’s this concept that has some people upset.
There are lots of folks out there who think it’s not fair that some people have to pay tax on every dime they earn, but high-income earners stop paying these taxes once they pass the limit. When you couple this with the possibility of benefit cuts in 2034, because the social security trust fund is going to be drained, it seems like an easy fix. Just raise or eliminate the Social Security tax limit.
– Explained by Devin Carroll, RSSA
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