It’s been well-documented that Social Security is facing problems. Some say the only solution to avoid insolvency is for wealthy individuals to pay more.
The taxable income level of Social Security has gone up in 2024. This number increased from $160,200 to $168,600. That means those in this income range will be forced to pay taxes on another $8,400.
This could result in backlash for two reasons. The first is that it also applies to young people. There are many who doubt they’ll even see Social Security when they retire, but they’re required to pay for it now.
Another problem is that $168,600 is a middle-class wage in many big cities. The ultra-wealthy will only pay taxes on the first $168,600 they make in a year, meaning they won’t pay proportional to their income.
It seems like this is a move that puts the bill for this program on the backs of the middle class. What are your thoughts on this Social Security change? Let us know.
