AMERICANS WITH MILLION-DOLLAR SALARIES STOP PAYING INTO SOCIAL SECURITY BEFORE MARCH WHILE EVERYONE ELSE CONTINUES

The burden of sustaining Social Security is not being carried fairly by the rich, a U.S. think tank has said as it noted an American earning an annual salary of $1 million will effectively stop paying into the scheme on Wednesday, fewer than seven weeks into 2020.

Social Security, which provides retirement, disability, and survivor benefits to one fifth of the U.S. population, is funded by a payroll tax capped at the first $137,700 of earned wages, and excludes income from other sources such as capital gains.

Sarah Rawlins, from the Center for Economic and Policy Research (CEPR) noted that someone who earns $1,000,000 a year would have reached that cap by Wednesday, February 19.

Article URL : https://www.newsweek.com/social-security-millionaires-tax-1487936

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