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Today is the Day Millionaires Stop Contributing to Social Security for 2023

Today is the day most millionaires stop paying into Social Security for the rest of the year, while most of us will continue contributing FICA payroll taxes through the end of December.  The payroll tax cap for 2023 is $160,200 in annual wages.  As of today, people grossing $1,000,000 a year in wages have now exceeded the cap. 
2023-02-28T12:05:17-04:00February 28th, 2023|Categories: Joe Biden, Payroll Tax Cap, payroll taxes, Rep. John Larson, Social Security|

Social Security Trust Fund Projected to Endure for an Additional Year, Trustees Say

Social Security’s trust fund received a one-year reprieve in the 2022 Social Security Trustees report, released late Thursday afternoon.  The Trustees project that the combined disability and retirement trust fund will become depleted in 2035 – one year later than predicted last time – if Congress doesn’t take preventative action. When the trust fund becomes insolvent, the Trustees say, Social Security will only be able to pay 80% of scheduled benefits.
2022-06-03T12:21:25-04:00June 3rd, 2022|Categories: COLAs, Congress, payroll taxes, President Biden, Rep. John Larson, Social Security, Social Security Trustees|

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