Trump Will Pay This Much Into Social Security in 2020
Sean Williams reports January 2020 as being the 80th anniversary of the first check being received by a Social Security recipient. His article here focuses on the tax cap on wages. Payroll taxes are withheld from the first $137,700 of every American’s earnings, which equates to $17,074.80. That applies to President Trump and indeed any high income earner. The amount is increased yearly. While there are growing calls to significantly raise the cap, Williams does note the cap serves another function– to cap benefits. That is, someone who earned $50 million a year their whole life would get the same maximum benefit as others who earned exactly the wage cap every year of their lives. The 2020 maximum benefit one can receive from Social Security for filing at full retirement age is $3,011 per month. As an aside, the absolute maximum monthly Social Security benefit an individual could ever receive per month in 2020 is $3,790 for filing at the maximum age 70. Read the full article here.
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