Reduction in Social Security Payroll Taxes Due to ExpireWritten by Raven Clabough
Friday, 10 January 2014 04:21
The United States may have serious longer-term fiscal problems, but Social Security is not chief among them. Many Americans are not aware that income above the cap is not taxed by Social Security Payroll Taxes .To help alleviate Social Security’s long-term budget shortfall, raising – or even eliminating – the cap has got some attention from policy makers. In addition, the share of workers who would pay more varies greatly according to gender, race, state and age.