HomeFinance NewsPersonal financeExposed: The Secret Tax Loophole That's Boosting Millionaires' Net Worths!

Exposed: The Secret Tax Loophole That’s Boosting Millionaires’ Net Worths!


Why millionaires may have already hit their Social Security payroll tax limit for 2024


Millionaires are set to stop paying into the Social Security system after March 2, 2024.

This is because there’s a maximum income threshold ($168,600) for which Social Security payroll taxes are taken out.

Once you reach that threshold, you stop paying into the program.

This leaves a funding gap for Social Security, which may have to make benefit cuts as early as 2034.

Democrats in Congress have proposed raising payroll taxes for the wealthy to make up for this shortfall and potentially increase benefits.

Some wealthy individuals, like Morris Pearl of the Patriotic Millionaires, also support this idea, arguing that investment income should be taxed at the same rate as earned income.

  • Overall sentiment: neutral
  • Positive

    “The Democrats’ proposals would notably make benefits more generous while extending the program’s solvency.”


    “Social Security faces a looming funding shortfall.”

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