In 2021, people stopped paying into Social Security when they hit $142,000 in one year – meaning that someone making $1 million a year stopped paying into Social Security by the end of February, while those making less than $142,000 paid into it all year.
lengthened the solvency of the program. Only 81.4 percent of wages were subject to Social Security taxes in 2021 – far below the threshold of 90 percent of wages subject to the tax as set by the reforms in 1983.
The proportion of wages subject to the tax have slowly fallen since that peak in 1983, and the last time that the share of Social Security Administration -taxed wages was close to 80 percent was in 2007, the year the Great Recession began, when it hit 82.6 percent. The reason that the proportion is so low now, EPI writes, is due to income inequality, which has grown much worse over the past decades.
In 2021, people stopped paying into Social Security when they hit $142,000 in income in one year – meaning that someone making $1 million a year into Social Security by the end of February, while those making less than $142,000 a year paid into it all year.
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