Let’s say, for example, that your current earnings are somewhere around $90,000 a year, that means you pay Social Security taxes on your entire income, so whether the limit is $130,000, $350,000 or doesn’t exist anymore, it will not affect your payroll taxes at all.
But if your income is $280,000, you currently pay taxes for only $137,700, which is about $8,537 a year. If the limit on taxable income will raise up to $300,000, then you will pay taxes to Social Security on all the $280,000 you earn, which will significantly raise the total you pay annually in taxes.
