>The wage limit for 2021 is $142,800 and it's increasing to $147,000 in 2022.
While I always enjoyed having that extra ~6.25% in my paycheck after I hit the limit every year, it didn't make any material difference in my spending/saving or quality of life.
I expect that's the case for most (if not all) folks who exceed that limit.
And since removing those limits would keep the US social security and medicare chugging along nicely for the next 50 years or so, while not doing so will require cuts in benefits within a decade or so.
While it's not a certainty, it's more likely that we'll come up with better ways to fund healthcare in 50 years rather than in ten.
As such, it makes sense to remove those wage limits on FICA[0] payroll taxes.
While I always enjoyed having that extra ~6.25% in my paycheck after I hit the limit every year, it didn't make any material difference in my spending/saving or quality of life.
I expect that's the case for most (if not all) folks who exceed that limit.
And since removing those limits would keep the US social security and medicare chugging along nicely for the next 50 years or so, while not doing so will require cuts in benefits within a decade or so.
While it's not a certainty, it's more likely that we'll come up with better ways to fund healthcare in 50 years rather than in ten.
As such, it makes sense to remove those wage limits on FICA[0] payroll taxes.
[0] https://www.investopedia.com/terms/f/fica.asp