When Congress set the cap on Social Security contributions in 1983, they didn’t anticipate forty years of rising inequality. And it’s cost us — a lot.
that the idea has widespread support among the public, including 76 percent of all voters and 65 percent of Republican voters.
Republican politicians are focused on protecting their wealthy donors, who are paying less into Social Security than ever. The Economic Policy Institute recentlyas inequality increases, a record share of all earnings are above the $160,200 cap on Social Security contributions. EPI estimates that income falling above the cap due to rising inequality has cost the Social Security Trust Fund $1.4 trillion. That’s a massive windfall for the wealthy — and a massive loss for our Social Security system and the millions of Americans who rely on it.
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