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Posts Tagged ‘payroll tax’

Raising the Social Security Payroll Tax Cap: How Many Workers Would Pay More?

On January 1, the maximum amount of annual earnings subject to the Social Security tax – a.k.a. the payroll tax cap – increased to $113,700. Every year, this cap is adjusted to keep up with inflation. Many Americans are not aware that income above the cap is not taxed by Social Security. In other words, workers who make $113,700 or less per year pay a higher Social Security payroll tax rate than those who make more. To help alleviate Social Security’s long-term budget shortfall, raising — or even eliminating — the cap has gotten some attention from policy makers. A…

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The President says the concept behind this compromise proposal is to help all persons that are in need, and allow the tax code to work in unison with recent bills on healthcare and small business.

As you probably know by now, President Obama dropped a bombshell last week with his Republican-backed, compromise tax proposal. It’s not yet law, and is likely to face stiff political opposition, but the results are so far-reaching that it’s worth outlining the bold points of the proposal. (To read more, The Associated Press has a good run-down of the highlights.)       The centerpiece of the proposal is the extension of all Bush-era tax cuts for two more years, and this includes the wealthiest tax brackets, with the addition of special programs and incentives to help the average and low-income taxpayer….

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