This PBS NewsHour video from 2005 feels a bit dated, but the points are still largely true. The payroll tax cap is now $113,700, and just 84% of wages are subject to Social Security taxes. Social Security taxes are still not paid on capital gains or investment income, and the vast majority of income gains in the past decade have gone directly to the top 1%.
So, what do you think about raising the Social Security income cap (AKA scrapping the cap)?
[youtube=http://www.youtube.com/watch?v=7lbwrTw7bzk]
- Leave a Reply
More To Read
August 10, 2026
Buy, Borrow, Die: How tax codes gut community well-being to line pockets of the wealthy
We are long overdue for a tax code that requires the ultra-wealthy to pay what they owe.
July 30, 2026
What the Millionaires Tax would mean for Washington
We’re not paying the benefits of economic growth forward like we used to. The Millionaires Tax can change that.
July 9, 2026
How will the Millionaires Tax impact us?
The Millionaires Tax adds critical revenue to our state budget and starts to rebalance our upside-down tax code.