Who’s (Still) Above the Social Security Payroll Tax Cap?
This brief examines the share of workers in the United Sates with earnings above the annual limit subject to the Social Security payroll tax. To this end, the authors examine Census Bureau data from the 2010 American Community Survey. They find that 5.8 percent of workers would be affected if the Social Security cap were eliminated entirely and 1.4 percent would be affected if the current tax were applied to earnings over $250,000.
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Nicole Woo, Janelle Jones, John Schmitt