Understanding Social Security’s 2017 Middle Class Tax Increase
It’s not really called a tax increase, but wage earners in the higher levels of what’s generally referred to as the “middle class” will be subject to an increase of up to 7.3% in what they’ll pay in 2017 as a result of the increase in the “Maximum Taxable Earnings” for OASDI-covered wages. Forbes contributor Mark Avallone takes a look at the impact of this change, along with the larger argument of potentially eliminating the tax cap altogether. Read his article here…
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