How many Americans knew there was an slight lifting of "The Cap?"
....The federal government (click here) has increased the Social Security cap significantly for 2017. The amount of workers’ earnings that is subject to Social Security taxes is capped each year (called maximum taxable earnings). In 2016, the maximum earnings subject to Social Security taxes was $118,500. In 2017, the cap will increase to $127,200, an increase of $8,700 or 7%. If your income exceeds that cap, you don’t pay Social Security tax on what you earn beyond the limit. The Social Security tax rate will remain unchanged at 6.2%....
...Increasing the Social Security cap helps, but it does not solve the impending Social Security shortfall. The tax cap would actually have to be eliminated entirely to close a significant percentage of the Social Security gap, according to calculations by the Committee for a Responsible Federal Budget, a think tank that publicizes Social Security and other federal budget issues....
The entitlements need to be protected and "The Cap" must be eliminated entirely. Raising the minimum wage also increases the monies flowing into the Social Security Trust Funds.
Social Security Benefits are decided upon an American's income. If the minimum wage continues to be far lower than it should, the working poor will continue their impoverishment, but, they are also looking at a retirement whereby they receive no relief from work or aging. The current generations not earning a good pay check are not going to do well in their senior years either.
