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If you make under $184k, you pay a 12.4% Social Security tax rate. Everything after that cap is exempt from the tax. So if you make $1 million per year, you pay about 2.2%. And it's 0.002% for billionaires. If we lifted the cap, Social Security could be funded for decades.
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If you make under $184k, you pay a 12.4% Social Security tax rate. Everything after that cap is exempt from the tax. So if you make $1 million per year, you pay about 2.2%. And it's 0.002% for billionaires. If we lifted the cap, Social Security could be funded for decades.
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