1. Eliminating the Social Security earnings cap
Now, today’s employees have 6.2 percent of their paychecks detained for the Social Security program on the first $137,700 they gain. Next year, this amount will see a significant boost; therefore, it will reach $142,800.
If some workers earn $138,700 let’s say, the difference between $138,700 and $137,700 ($1,000) will not be taxed. The highest amount used to determine your Social Security benefits is also $137,700, based on your 35 highest-earning years.
Uncle Sam doesn’t give a damn if you make $500,00 this year. In his eyes, your overall income is still $137,70. So, eliminating the Social Security earnings cap is a potential surefire way to minimize the shortfall, and they aren’t good news for wealthy taxpayers.
1 thought on “Social Security Projections to Add to Your List of Worries”
How about government pensions? What will happen to them? Probably nothing as they are the elite. However, I believe it is time for the government to honor all of those IOU’s that were generated back in 1964 when LBJ decided to sell them to SS. Fat chance. Technically, SS is just part of the general fund. It is part of the overall budget and,as such, is not required to be funded by contributions from current payroll taxes.
People who paid into it for their entire working life deserve to collect it with interest when they retire. It was not intended to be s slush fund even though corrupt politicians treated it that way. Enough is enough. Democrats, own up and do the right thing. Stop ripping off honest, hard working americans.