No. of Recommendations: 3
The Social Security tax limit is 4.2% of your wages up to $110,100. Normally the rate is 6.2% of your wages up to $110,000. However Obama reduced the percentage to 4.2%, wich increased national debt, hav ing to make up the difference from the general fund. If you are like me I pay (right now) 4.2% of all my wages, because I don't make more than $110,000 a year. I believe by limiting the amount we are taxed on to $110,00 reduces the amount of money going into the system by a huge amount. I think its only fair for everyone to be taxed on their full yearly income. Doing so would bring new money into the system.
Print the post  

Announcements

Social Security Website
www.ssa.gov is a massive information storehouse about all things Social Security. Check it out if you're looking for anything from general info to personalized answers.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement