Re: Does George Will Understand Social Security Taxes?

A couple who were both W-2 employees and have a household

> income of $147,501 would pay an additional $5,642 in Social > Security taxes if the $102,000 cap on earnings was > eliminated. > > This is wrong on so many levels, it is hard to know where to > start.

One question I have, is that if they make all wage income subject to social security, would they then lower the tax rate from 6.2% (or 6.2% times two)?

Second, Will assumes that the "household income" comes all > from wages.

For most households, that is true.

Reply to
removeps-groups
Loading thread data ...

There's such a gap in projected Social Security liability vs receipts, there is no way they'd lower the rate. Raising or eliminating the wage cap is a step to closing the gap. Joe

formatting link

Reply to
joetaxpayer

Of course not; that's the point of removing the limit.

If they do remove the limit, will they base benefits on the amount subject to the tax?

Seth

Reply to
Seth

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.