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Payroll Tax Cap

All articles tagged with #payroll tax cap

business28 days ago•6 min saved

Bipartisan push to raise Social Security payroll cap to shore up funding

Facing a multi-trillion-dollar 75-year shortfall, Social Security is drawing renewed bipartisan interest in raising or eliminating its payroll tax cap for high earners to shore up funding; estimates vary on how much of the gap such a change would cover and what economic trade-offs it would entail, with advocates seeing cap reform as a leverage point and critics warning it could slow growth unless paired with changes to benefits or retirement age.

via CNBC|

#business #funding-shortfall #high-earners

politics1 month ago•5 min saved

Connecticut Primary Reframes Social Security Push

In Connecticut’s 1st District Democratic primary, Luke Bronin defeated incumbent John Larson, who has led the push to expand Social Security via the Social Security 2100 Act. The bill would boost benefits and extend solvency, financed by lifting the payroll tax cap and taxing higher earners. With the Social Security trust fund projected to run out around 2032, the election outcome could influence the next Congress’s approach to reform, as Bronin argues for broader movement and challenger Amy Chai presents alternative positions.

via CNBC|

#congress #connecticut #payroll-tax-cap