Sen. Bernie Sanders (I-Vt.) said Saturday that one of his top priorities, once he takes control of the chamber’s Social Security Subcommittee in January, will be to lift the cap on taxable income that funds the program and increase benefit payments by at least $2400 per year.
Wtf TIL social security tax is capped at $184,500 income level. The rich really fucked us working class for decades
Yea, weather you make $184,500 or a billion you pay the same into SS. Pretty dumb, but a really easy way to help overcome the SS deficit.
SS contributions have a cap because SS payouts have a cap and the payout is proportional to what you paid in.
The contribution cap is a popular talking point, but they always ignore that you’d also need to increase the payout cap, so it’s not exactly a silver bullet.
You don’t need to increase the payout cap.
That can be fixed.