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<\/figure><\/div>\n\n\n\nPeople who make over\n$137,700 are not subject to Social Security tax this year. Last year it was a\n$132,900.<\/p>\n\n\n\n
The vast majority\nof working Americans, approximately 90%, will never know a year of life that\nthey are not paying Social Security taxes. People who make more are spared\npaying the tax on income higher than the $137,700 cap. There is also a limit on\nhow much they can collect in monthly Social Security benefits which changes a\nbit each year. This year the max is $3,011 each month if you wait until your\nfull retirement age. <\/p>\n\n\n\n
The prediction is that\nSocial Security will be out of money in 2035. Some argue that this won’t\nhappen. Some argue we need to increase the benefits age to 70 to secure\ncontinued funding. This simply means that millions of people who die young will\nnever receive a cent of their Social Security benefits. There is also the\nargument that working people should start paying Social Security taxes on their\nbenefits like health insurance and other fringe benefits. This would simply\nmean killing off what is left of the middle class and those barely making\nenough money now to survive. <\/p>\n\n\n\n
It’s time for Congress\nand our President to raise the cap on income subject to Social Security tax.\nFor the next five years it needs to be increased to a million a year. The\nargument against this is that those who pay more will have to be compensated\nmore in their monthly earnings because they have paid so much more into the\nfund. Do people who collect a million dollars a year or even a half million\nneed to receive Social security compensation? They do not. Warren Buffet, Bill\nGates and President Trump and a multitude of others do not need a Social\nSecurity pension.<\/p>\n\n\n\n
The poor people of the\ncountry struggle as they look at their paychecks, decreased by tax dollars they\nneed for the basic necessities of life. Congress doesn’t worry about the impact\nthat taxing the poor and the middle class has. Why is Congress so worried about\ntaxing someone who makes a million dollars a year or more? <\/p>\n\n\n\n
Congress should also cut\nout having to pay tax on Social Security income received by people over 75.\nGive the elderly a break. This only amounts to less than 3% of Social Security\nreceipts and elderly Americans could convert the small increase into\ngroceries. If someone is paying social security tax on a million dollars a\nyear, they are simply doing what 99% of all the other Americans are\ndoing. <\/p>\n\n\n\n
The boost in income to\nthe Social Security fund would strengthen the program and save Americans down\nthe road from financial cuts that will only spiral them further into economic\nwoes. <\/p>\n","protected":false},"excerpt":{"rendered":"
Dr. Glenn Mollette How many individuals will make $137,700 in 2020? This is the maximum amount of earnings subject to the Social Security tax for this year. This increase will… <\/p>\n","protected":false},"author":8,"featured_media":45976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/45975"}],"collection":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/comments?post=45975"}],"version-history":[{"count":0,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/45975\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/media\/45976"}],"wp:attachment":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/media?parent=45975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/categories?post=45975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/tags?post=45975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}