On the month of its 75th birthday, The U.S. Social Security System has become the subject of intense debate over the best way to ensure its long-term viability. A recent EPI paper stressed that the system will remain financially sound for decades to come, and EPI has been a vocal opponent of proposals to reduce benefits, including raising the retirement age above 67, which would reduce future benefits for millions of workers.
Top incomes escape taxes
In an op-ed in the Sunday New York Times, EPI Economist Monique Morrisseyoutlined why the best way to preserve Social Security would be to slowly raise the cap on taxable income:
Do you want to know how much LeBron James pays in Social Security taxes each year? Bill Gates? Oprah? Your dermatologist? $6,622. That’s the maximum anyone pays in Social Security taxes, because earnings above $106,800 are not taxed.
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