Can a Higher Wage Cap Save Social Security?
You'll often hear that our country's wealthiest people are the ones most likely to benefit from lucrative tax breaks, and there's perhaps no greater tax break than not having to pay Social Security taxes on the bulk of their income.
Social Security is largely funded by payroll taxes, and anyone who earns an income must pay them. But once your earnings exceed a certain threshold, which changes from year to year, those taxes cease to apply.
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Source Fool.com