Here's How Higher Earners Get a Major Break on Social Security Taxes

Maurie Backman, The Motley Fool
·3-min read
Here's How Higher Earners Get a Major Break on Social Security Taxes

Critics of the current system have long argued that the rich don't pay their fair share of Social Security taxes. There's an earnings cap established each year that determines what level of wages workers pay taxes on. Here's why that's unfair: Someone earning $142,800 in 2021 will pay the same amount of Social Security tax as someone earning $400,000.