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New Social Security Bill Phases Out Payroll Tax Cap
News August 05, 2024 at 05:04 PM
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What You Need To Know
- The bill phases out the cap on wages subject to the FICA taxes that fund Social Security.
- It also would use the Consumer Price Index for the Elderly (CPI-E) to calculate the relevant COLA.
- Under the bill, the Social Security system would pay scheduled benefits in full and on time for an additional 19 years, lawmakers said.
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