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Time to raise – or scrap – the Social Security payroll tax cap

It’s Tax Day, and a small number of wealthy Americans have something to celebrate: They are done paying Social Security taxes for the year. The payroll tax that funds Social Security is levied only on a certain amount of income. This year it’s capped at $117,000. Most wage earners will pay 6.2 percent of every dime they earn in 2014, but high earners will stop paying after passing the cap. If you’re among the 318,400 workers who will earn $407,000 or more this year, you’re done paying Social Security taxes today, according to the Center for Economic and Policy Research (CEPR)…Read More

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