The Rich Will Pay More Social Security Taxes in 2021, No Matter Who's President
Social Security helps tens of millions of Americans by providing retirement income, and the program isn't limited just to those who have the greatest financial need. Some of the highest monthly benefit checks go to high-income Americans who paid the annual maximum amount of Social Security payroll taxes during their careers.
Most workers won't pay any more in Social Security payroll tax in 2021 than they did in 2020, because the actual tax rate hasn't changed for 30 years. But the wage base on which that tax rate gets applied is rising in 2021, and that means that regardless of what happens in the presidential election, high-income earners will pay more to Uncle Sam.
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Source Fool.com
