Schmitt, John; Woo, Nicole; Bucknor, Cherrie - Center for Economic and Policy Research (CEPR) - 2015
On January 1st, the maximum amount of annual earnings subject to the Social Security tax – a.k.a. the payroll tax cap … that any wages above the cap are not taxed by Social Security. This issue brief analyzes Census Bureau data to determine … how many workers would be affected if the Social Security payroll tax cap were raised or phased out. We find that the …