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Social Security 2100 Act–Taxing More than the Rich?
Much of the rhetoric about the Social Security 2100 Act’s tax increases has focused on the upper incomes–the resumption of FICA tax on incomes exceeding $400,000. The editorial staff at Investor’s Business Daily want folks to also be aware that the bill contains legislation to move the tax on all wages from the current 12.4% to 14.8%. All told, the payroll tax hit is scheduled to be $1.5 trillion over a 12-year period. Read the IBD article here…
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