500 Reasons to Eliminate the Income Cap for Social Security Taxes
Taxing income only up to $160,200 for Social Security is leaving a lot of revenue on the table.
Who’s going to pay?
Photographer: Kevin Dietsch/Getty Images
In the first few days of 2023, at least 500 US workers will likely have already paid their Social Security taxes for the year.
That’s because in just a day they earn the maximum amount of income subject to Social Security tax, or $160,200. Those are just executives at public companies where salaries are disclosed, such as Apple Inc. CEO Tim Cook, who earned $98 million in 2021, and Intel Corp. CEO Patrick Gelsinger, who took home more than $177 million. (Their salaries for 2022 have yet to be disclosed, but it’s safe to assume that once again they will hit the tax cap immediately.) Scores more executives at private companies fall into the same category.