bobandsherry
Thinks s/he gets paid by the post
- Joined
- Nov 24, 2015
- Messages
- 2,693
There's been lots of discussion on Social Security perhaps getting cut due to insolvency issues. This new bill being sponsored would actually reverse that and estimates solvency for next 75 years.
Social Security expansion bill poised to gain traction in Congress, targeting those who earn over $400,000
Social Security expansion bill poised to gain traction in Congress, targeting those who earn over $400,000
- The measure, which would expand benefits for current and future recipients, would extend the program’s solvency for 75 years, according to Social Security’s Office of the Chief Actuary.
- To help fund the proposed changes, earnings above $400,000 would be subject to Social Security taxes. In 2019, earnings above $132,900 are not subject to the levy.
- The payroll tax also would gradually rise to 14.8 percent from the current 12.4 percent by 2043, with workers and their employers splitting that tax as they already do.