Who's (Still) Above the Social Security Payroll Tax Cap?
AbstractThe Social Security payroll tax cap is the earnings level above which no further Social Security taxes are collected. The cap is currently at $110,100, though legislation has been introduced in Congress to apply the Social Security payroll tax to earnings above $250,000 (but not between the current cap and this level). This issue brief updates earlier work, finding that 5.8 percent of workers would be affected if the Social Security cap were eliminated entirely and 1.4 percent would be affected if the current tax were applied to earnings over $250,000. It breaks down these numbers further by gender, race or ethnicity, age, and state of residence.
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Bibliographic InfoPaper provided by Center for Economic and Policy Research (CEPR) in its series CEPR Reports and Issue Briefs with number 2012-16.
Length: 6 pages
Date of creation: May 2012
Date of revision:
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social security; retirement; wage cap;
Find related papers by JEL classification:
- H - Public Economics
- H5 - Public Economics - - National Government Expenditures and Related Policies
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-06-13 (All new papers)
- NEP-LAB-2012-06-13 (Labour Economics)
- NEP-PUB-2012-06-13 (Public Finance)
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