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Have you already paid your taxes for 2025
In the wee hours of New Year’s Day, over 229 Americans had already paid their Social Security tax for 2025. Compare this to the 164 million Americans who pay Social Security tax all year long. If there were no cap on Social Security taxes similar to Medicare taxes, some six percent of U.S. workers who earn more than Social Security’s taxable maximum would contribute more than $388 billion to Social Security, according to Teresa Ghilardicci, Ph.D. Economics Professor. She suggests one of the quickest and most effective actions to fix the Social Security insolvency issue might be to ask the small fraction of the highest-income Americans to pay all year long. Read Ms. Ghilarducci’s article here…
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