Is There A Cap On Social Security?
There is a cap on Social Security as far as how much you are taxed when it comes to paying a Social Security. The cap is something like after every dollar over one hundred thousand dollars, you are not actually going to be taxed. This is a good cap on Social Security taxes if you happen to be one of the highest income earners in our society. Some people have advocated for lifting the cap when it comes to Social Security taxes, but it is hard to say exactly how popular the idea to lift the cap on Social Security taxes would be.
There are also limits to the amount of Social Security retirement benefits that you can actually have on a yearly basis. You cannot be drawing more in Social Security than you possibly earned in the past unless you happen to become disabled. Then in the case that you become disabled or in this sense capped when it comes to the Social Security benefits that you can receive. The idea of having a cap on the amount of Social Security benefits that you receive is not something that appeals to all that many people.
Some people may write articles about there needs to be a cap on the Social Security benefits that you can earn in your life, but this is not likely to happen. We may see the cap on Social Security taxes lifted in order to make it possible for more affluent taxpayers to have to pay more in taxes in order to be able to afford Social Security. Raising the cap on Social Security taxes may make the Social Security system all that more sustainable in the future. A cap on Social Security has been there for quite some time though.
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