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Americans Would Benefit from Raising the Social Security Payroll Tax Cap


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Americans Would Benefit from Raising the Social Security Payroll Tax Cap

Center for Economic and Policy Research (CEPR)

WASHINGTON - Today, individuals who make one million dollars will stop paying into Social Security. The maximum amount of earnings that can be taxed for Social Security in 2017 is $127,200, and millionaires just hit this cap. This means that those with the highest earnings in the US pay a lower rate than the vast majority of Americans, since 94.6 percent of workers have incomes below the cap.

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