3 Social Security Rules That Are Downright Unfair
Though it has a simple purpose, Social Security is a seriously complex government program. In fact, if you were to attempt to read up on all of its rules, you could spend days on the project -- and still not understand all the nuances. And while some of Social Security's many rules work to seniors' benefit, others will strike you as just plain unfair. Here are three you should know about.
Social Security is primarily funded by the payroll taxes that every U.S. worker pays on their wages, but higher earners don't pay those taxes on all that they earn. A wage cap limits the extent to which earnings are subject to the payroll tax. Currently, that cap sits at $137,700, but come 2021, it will increase to $142,800. So higher earners could conceivably get out of paying Social Security taxes on the bulk of their income, while lower earners are guaranteed to pay taxes on all of their earnings.
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Source Fool.com
