Why Is Social Security Looking Bleak By 2035?

Increasing the wages subject to Social Security taxes

Also, raising the value of earnings that are subject to taxation is a viable idea to increase tax revenue that supports Social Security financing. Thus, the limit from which a wage can be taxed, can be raised or even fully lifted, which means that all income would become subject to the payroll tax, a change that would be felt by individuals with high incomes, whose earnings that are higher than $137,700 are not currently taxed for Social Security. Therefore, raising the taxable limit wage would only affect people who earn more than the current contribution and benefits base.

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