From Fox Business….
Democratic presidential nominee Joe Biden has proposed asking wealthy Americans to pay more in payroll taxes to help fund Social Security – but down the line more Americans might be subject to those increased rates, a new report shows.
Under Biden’s plan, income above $400,000 would be subject to the 12.4 percent Social Security tax, which would be split evenly between employees and employers. Currently, there is a wage cap of $137,700. Wages between those two ranges would not be taxed.
