Manhattan Institute: New Issue Brief - 6 Problems With Eliminating the Social Security Tax Cap
April 11, 2024
April 11, 2024
NEW YORK, April 11 (TNSres) -- The Manhattan Institute issued the following news release:
Social Security's looming shortfall is a top issue ahead of the 2024 election. Historically, when pressed on how to avoid deficits, progressives and an increasing number of non-progressives lead us to believe the answer is simple and obvious: apply Social Security's 12.4% tax rate to all wages, rather than continue to limit this tax to an individual's first $168,600 earned annually. This policy . . .
Social Security's looming shortfall is a top issue ahead of the 2024 election. Historically, when pressed on how to avoid deficits, progressives and an increasing number of non-progressives lead us to believe the answer is simple and obvious: apply Social Security's 12.4% tax rate to all wages, rather than continue to limit this tax to an individual's first $168,600 earned annually. This policy . . .