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Plan would remove Social Security tax cap for high earners
MarketWatch says one proposal would eliminate the Social Security tax cap for higher earners as a way to help fund the program.
MarketWatch outlines a Social Security financing plan that would increase taxes paid by higher earners without increasing their benefits. The proposal centers on eliminating the tax cap, which determines how much of a person’s earnings are subject to Social Security payroll taxes.
According to the outlet, removing the cap is one option among several being discussed to help shore up Social Security’s finances.
The story frames the change as a way to bring in more revenue while keeping the benefit formula tied to existing rules.
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