A proposal (H.R. 860) would make dramatic changes related to Social Security. It would gradually raise the tax rate (currently 6.2% on employees and on employers) to 7.4%, starting next year. It would also impose the tax on wages above $400,000. Currently, the Social Security tax (the portion of FICA and self-employment tax) only applies up to a set wage base ($132,900 in 2019). Chances of enactment?
Barbara Weltman
Big Ideas for Small Business, Inc.
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