Jake Johnson is a senior editor and staff writer for Common Dreams.
Most Americans contribute to Social Security year-round, but U.S. millionaires will stop paying into the critical program on March 2—just over two months into 2024. That's because Social Security's payroll tax doesn't apply to earned income above a certain level. For 2024, the cut-off is $168,600, and capital gains—such as stock appreciation—are not subject to the payroll levy at all.
The calculator shows that a CEO with a $20 million annual salary stopped paying into Social Security just three days into 2024—and contributed just as much to the program for the year as someone who makes $168,600.The tool was released as a new survey by Data for Progress showed that 71% of likely U.S. voters want Congress to guarantee Social Security's solvency 'by increasing taxes on wealthy Americans' rather than by cutting benefits.
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