On the day Congress recessed for the summer, bipartisan legislation was introduced in the U.S. House of Representatives that would substantially increase the current payroll cap on Social Security taxes.
The Save Our Social Security Act, introduced by Rep. Reid Ribble, R-Wis., has four other Republican cosponsors, along with one Democrat.
Under existing law, the 12.4 percent Social Security tax applies to the first $118,500 of earners’ wages. The S.O.S. Act would raise that to $156,550 for fiscal year 2017, $194,600 in 2018, $232,650 in 2019, $270,700 in 2020, and $308,750 in 2021.
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