09-03-2023, 12:29 PM
(09-03-2023, 11:48 AM)StrictlyBiz Wrote: There's a benefit cap that corresponds to the income cap. Eliminating the income cap would mean that you'd have to eliminate the benefit cap as well, otherwise it's just a 6.2% income tax increase.
For example, if you made the the 160k cap every year, you'd get a benefit of X dollars per month upon retirement. As it stands, if you make 320k every year, your benefit is still X.
If you eliminated the cap and made 320k every year, then your benefit would have to be 2X, otherwise, it's just an additional income tax.
Not saying you, but I've found that a lot of people don't understand this....like my MIL.
Why would we eliminate the benefit cap? Are you worried about how big Elon musk or Jeff bezos social security check would be? They are not the ones who need help.
They make and have all the money. That means they need to pay more.
