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Get An Analysis Of Eliminating The Cap On Earnings
E has been renewed interest in the idea of raising or eliminating the cap on earnings subject to the Social Security payroll tax and self-employment tax. This paper evaluates the effects of such a change and examines some of the issues it raises. 1. Current Law Under current law, wages and other earnings are subject to a 12.4 percent tax, which is used to finance Social Security. This tax applies only to the first $97,500 in earnings (in 2007), a cap that is adjusted every year for the gro.
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500k FAQ
However, high earners only pay into the Social Security system until their pay reaches the Social Security taxable maximum, which is $168,600 in 2024. Earnings over $168,600 are not taxed by Social Security or used to calculate future Social Security payments.
The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822. However, if you retire at age 62 in 2024, your maximum benefit would be $2,710. If you retire at age 70 in 2024, your maximum benefit would be $4,873.
Eliminating the cap would make the Social Security payroll tax proportional so that all workers (and their employers) would contribute 6.2 percent of on every dollar of earnings. In either case, higher earners would pay more.
Opponents argue that increasing or removing the taxable maximum could weaken the link between the amount individuals pay in Social Security taxes and the amount they receive in retirement benefits if benefits are not adjusted upward to reflect tax contributions.
Removing the Social Security taxable wage cap would reduce job creation and economic growth while substantially increasing payroll taxes on American workers. A slowdown in the growth of compensation and a significant decrease in the savings rate would further squeeze family budgets.
Contribution and benefit bases, 1937-2024 YearAmount2021142,8002022147,0002023160,2002024168,60015 more rows
The limit on annual earnings subject to Social Security taxes is referred to as the taxable maximum or the Social Security tax cap. For 2024, that maximum is set at $168,600, an increase of $8,400 from last year.
The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822. However, if you retire at age 62 in 2024, your maximum benefit would be $2,710. If you retire at age 70 in 2024, your maximum benefit would be $4,873.
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