The Center for Economic and Policy Research suggests scheme that pays benefits to one fifth of U.S. population should be changed.
The burden of sustaining Social Security is not being carried fairly by the rich, a U.S. think tank has said as it noted an American earning an annual salary of $1 million will effectively stop paying into the scheme on Wednesday, fewer than seven weeks into 2020.
"The burden of Social Security taxes falls more heavily on those who make less," Rawlins noted, suggesting that to make the system more progressive, the government should look at"scrapping the payroll tax cap entirely and making everyone pay the same tax rate." In January 2019, 208 House Democrats backed Rep. John Larson's introduction of the Social Security 2100 Act which would apply the payroll tax to wages above $400,000, Common Dreams reported.
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