500 Reasons to Eliminate the Income Cap for Social Security Taxes

–In the first few days of 2023, at least 500 US workers will likely have already paid their Social Security taxes for the year. That’ s because in just a day they earn the maximum amount of income subject to Social Security tax, or $160,200. To help pay for Social Security, a tax of 12.4% is split between employees and employers; a worker is subject to a 6.2% tax assessed on…