Can Social Security's solvency be extended through a plan that includes payroll tax hikes that amount to less than a cup of coffee? Supporters of the Social Security 2100 Act say yes. Others say the proposal is too expensive.
The plan also includes a tax cut by raising the amount of non-Social Security income recipients can earn before their benefits are taxed. The new thresholds would be $50,000 for individuals and $100,000 for couples, up from $25,000 and $32,000, respectively, today.
This would cost just 50 cents more per week for the average worker who earns $50,000, according to the proposal.How much of a burden that payroll tax increase would be – and whether it would just be the price of a cup of coffee – is a sticking point between critics and supporters. "That's a lot more than a cup of coffee," Greszler said. "That's more like people's grocery bills that they're paying."
Brozyna's daughter is living in the Boston area while working at her dream job at a travel company. She earns $45,000. That means she must diligently manage her money, including packing her lunch every day.Brozyna said she fears the 1.2% tax increase, or $540, would price her out of her lifestyle completely.
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