A Gurnee letter to the editor: Currently, the 7.65% FICA withholding of an individual's income stops after $160,200.
Currently, the 7.65% FICA withholding of an individual's income stops after $160,200. A highly compensated individual, for discussion let us use Green Bay Packers quarterback Aaron Rodgers who is reported to make about $42 million in the year 2022, would have deduction of an employee's share about $12,255 in tax.
The idea is to remove the stop limit. In the example above, Mr. Rodgers' new FICA would be $3.32 million, a gain to the Social Security system of over $3 million. Many working class and middle class American families would not be affected. The most highly compensated would contribute to the solvency of a key benefit for many of those same families and individuals.
To be fair, perhaps the maximum payout limit could be raised to reflect increased payments by an individual. Fairness would also mean calling to mind that those more highly compensated individuals have had the means to provide for their own retirements had they taken the steps to do so.
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