“Fred Goldenberg: Raise the cap and save Social Security”

Originally published by Record Eagle–

On Jan. 1, 2022 — 61 seconds into the new year — Jeff Bezos hit his income cap for Social Security payroll tax.

The world’s richest man, whose net worth is over $200 billion dollars, contributed to Social Security his 6.2 percent payroll tax withholding of $9,114 — based on the income cap set by Congress of $147,000 for 2022.

Those who are only mere millionaires had to work until Feb. 23, 2022, to reach that income cap and make their maximum contribution towards Social Security for 2022.

Once again, those among us who can, and should, contribute more — don’t.

Most Americans pay 6.2 percent of their wages into Social Security.

But according to the Center for Economic Policy Research the effective tax rate for the wealthy is significantly lower, “in some cases as little as .08 percent.” Therefore “the burden of Social Security taxes falls more heavily on those who make less.”