Who Is Finished Paying Their 2017 Social Security Taxes? Probably Not You.
Category: POLITICS
Extreme earnings inequality explains the Social Security shortfall because Social Security taxes are only collected on incomes below an earnings cap. In 2016, the cap was $118,500 (which is indexed to average wage growth, not the wage growth at the top).
By Teresa Ghilarducci, ContributorEconomics professor, The New School for Social Research, 2017-01-01