Social Security Contributions to the Trust Fund WITH CAP
and WITHOUT CAP!
2014 Tax info from IRS (https://www.irs.gov/uac/soi-tax-stats-individual-statistical-tables-by-size-of-adjusted-gross-income)
Social Security comparison using 2014 tax figures.
Current rate is 6.2%; cap is $127,200
This is the way it currently works:
Income Levels
Number of Taxpayers
Salaries & Wages
Amount Subject to Social Security
Contributions
$1 to $5,000
7,400,467
$391,560,000
$391,560,000
$24,277,000
$5,000 to $10,000
9,151,598
$3,496,485,000
$3,496,485,000
$216,782,000
$10,000 to $15,000
9,264,373
$15,104,777,000
$15,104,777,000
$936,496,000
$15,000 to $20,000
9,184,654
$36,854,202,000
$36,854,202,000
$2,284,961,000
$20,000 to $25,000
8,492,339
$57,743,708,000
$57,743,708,000
$3,580,110,000
$25,000 to $30,000
7,596,619
$78,238,111,000
$78,238,111,000
$4,850,763,000
$30,000 to $40,000
12,779,113
$214,586,388,000
$214,586,388,000
$13,304,356,000
$40,000 to $50,000
10,010,599
$273,412,005,000
$273,412,005,000
$16,951,544,000
$50,000 to $75,000
16,645,564
$746,282,701,000
$746,282,701,000
$46,269,527,000
$75,000 to $100,000
11,136,071
$772,570,399,000
$772,570,399,000
$47,899,365,000
$100,000 to $200,000
15,452,930
$1,775,890,732,000
$5,053,108,110
$313,292,700
$200,000 to $500,000
4,409,695
$1,168,977,449,000
$0
$0
$500,000 to $1 Million
713,890
$497,311,777,000
$0
$0
$1 Million to $1.5 Million
150,759
$193,760,633,000
$0
$0
$1.5 Million to $2 Million
63,542
$118,416,459,000
$0
$0
$2 Million to $5 Million
88,662
$292,257,099,000
$0
$0
$5 Million to $10 Million
21,782
$162,426,496,000
$0
$0
$10 Million OR MORE!
13,419
$438,651,059,000
$0
$0
This is the way that it should be:
Income Levels
Number of Taxpayers
Income
Social Security that would be paid with cap eliminated!
$1 to $5,000
10,262,509
$27,798,832,000
$1,723,528,000
$5,000 to $10,000
11,790,191
$92,268,494,000
$5,720,647,000
$10,000 to $15,000
12,289,794
$157,142,081,000
$9,742,809,000
$15,000 to $20,000
11,331,450
$201,039,878,000
$12,464,472,000
$20,000 to $25,000
10,061,750
$229,098,251,000
$14,204,092,000
$25,000 to $30,000
8,818,876
$245,043,136,000
$15,192,674,000
$30,000 to $40,000
14,599,675
$514,388,528,000
$31,892,089,000
$40,000 to $50,000
11,472,714
$520,672,080,000
$32,281,669,000
$50,000 to $75,000
19,394,648
$1,207,240,353,000
$74,848,902,000
$75,000 to $100,000
12,825,769
$1,124,785,053,000
$69,736,673,000
$100,000 to $200,000
17,501,251
$2,391,706,016,000
$148,285,773,000
$200,000 to $500,000
4,978,534
$1,446,121,656,000
$89,659,543,000
$500,000 to $1 Million
834,981
$574,614,621,000
$35,626,107,000
$1 Million to $1.5 Million
180,446
$221,506,276,000
$13,733,389,000
$1.5 Million to $2 Million
77,065
$134,619,649,000
$8,346,418,000
$2 Million to $5 Million
109,475
$330,977,452,000
$20,520,602,000
$5 Million to $10 Million
26,579
$183,753,054,000
$11,392,689,000
$10 Million OR MORE!
16,733
$508,899,697,000
$31,551,781,000
Total Contributions Without Cap $626,923,857,000
With Cap $136,631,473,000
Difference $490,292,384,000
----------------------
How long would it take for social security trust fund to be safe and solvent if the Cap is removed? What would it hurt the wealthy? Keep in mind that these figures don't include the employers' contributions that match the withholding figures.
Isn't it time for Congress to lift the caps?
Robert Butler
P.O. Box 193
Marmaduke, AR 72443
