January 30, 2014
Let’s Decide Fate Of Social Security, Medicare, On The Words Of An Email Chain Letter
So here’s an inane chain email by some anonymous fool…
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November 9, 2013
Fact of the Day: The Social Security Wage Cap For 2014 Is $117,000
In a “Fact of the Day” article last November, I wrote that, “eliminating the [Social Security] wage cap while keeping the benefits cap produces a Social Security surplus.” But you don’t have to take my word for it as this is a fact backed up by the Congressional Research Service. But it’s also just common sense. If you lift the revenue limiter (the wage cap) but you pay out the same benefits, obviously Social Security will be solvent for some time to come.
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November 21, 2012
Fact of the Day: The Social Security Wage Cap For 2013 Is $113,700
What is the Social Security “wage cap”? It’s the maximum income level taxed at the 6.2% rate for Social Security benefits. All income above the cap ($113,700 in 2013) is free and clear of Social Security (payroll) taxes. Yes, you read that correctly. All income above the wage cap is exempt from Social Security tax. It’s safe to say this is quite a regressive tax.
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