Payroll Tax Cap Archives

Millionaires Are Done Paying Into Social Security for 2024

Millionaires stop paying into Social Security for the year on March 1st --- and billionaires already stopped contributing wages to the program in January. The rest of us continue paying into the system for the entire year. Is it fair that Elon Musk, Rupert Murdoch, Charles Koch, and Tim Cook of Apple don’t have to contribute to Social Security for the rest of the year while most Americans do?

NCPSSM2024-03-04T10:56:30-04:00March 1st, 2024|Categories: Payroll Tax Cap, Rep. John Larson, Social Security|

Democrats Push for Strengthening Social Security in First Hearing of New Congress

The first hearing on Social Security of the new Congress saw Republicans claiming that they simply want information about the program’s status, while Democrats insisted that it’s time to boost Social Security --- and pushed back on GOP proposals to cut benefits.“ Today, we are faced with the fierce urgency of now. Five million Americans receive below-poverty level (Social Security) checks from their government because Congress has not enhanced benefits in more than 50 years,” said ranking member Rep. John Larson (D-CT).

Walter Gottlieb2023-04-28T11:01:22-04:00April 27th, 2023|Categories: Congress, Democrats, Payroll Tax Cap, Rep. John Larson, Republicans, Social Security|

Today is the Day Millionaires Stop Contributing to Social Security for 2023

Today is the day most millionaires stop paying into Social Security for the rest of the year, while most of us will continue contributing FICA payroll taxes through the end of December. The payroll tax cap for 2023 is $160,200 in annual wages. As of today, people grossing $1,000,000 a year in wages have now exceeded the cap.

NCPSSM2023-02-28T12:05:17-04:00February 28th, 2023|Categories: Joe Biden, Payroll Tax Cap, payroll taxes, Rep. John Larson, Social Security|

Stop Scaring Millennials About the Future of Social Security

Some tropes never die. The one about Millennials not being able to rely on Social Security when they retire re-surfaces every few months, most recently in an article by John Csiszar on the financial news site GoBankingRates.

NCPSSM2021-12-01T13:56:58-04:00December 1st, 2021|Categories: Equal Time, Payroll Tax Cap, payroll taxes, Rep. John Larson, Social Security|

Rep. Larson to Introduce Revised Social Security Expansion Bill

Next week, Social Security will mark its 86th anniversary of providing Americans with basic financial security in old age (and, since 1956, upon becoming disabled). And yet, quite incredibly, baseline Social Security benefits haven’t been expanded in fifty years – even though seniors’ living costs have soared over the decades. Congressman John Larson (D-CT) is once again hoping to change that. Larson, a true Social Security champion who introduced legislation to boost Social Security in previous Congresses, has now released the details of a revamped bill to increase benefits and extend the program’s solvency.