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LEBRON JAMES, SOCIAL SECURITY, AND YOU

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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