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Social Security Tax

All articles tagged with #social security tax

politics1 year ago•2 min saved

West Virginia Legislature Passes Budget Bill with State Worker Pay Raises and Social Security Tax Phase-Out

West Virginia lawmakers passed a $4.996 billion budget bill, including pay raises for state workers and a phase-out of state taxes on Social Security. The budget bill reflects average 5% pay raises for state workers through general revenue funds, and the phase-out of Social Security taxes would be implemented gradually over the next few years. The bills now await the governor's signature, and there is talk of a special session in May to address any remaining budget items.

via West Virginia MetroNews|

#budget-bill #legislative-session #politics

economy2 years ago•3 min saved

"Understanding Social Security Taxes in 2024: Who Pays More and State Implications"

The article discusses the potential future of Biden's economic policies, particularly the possibility of implementing a "perpetuity" tax on Social Security for incomes over $400,000. This would mean both employees and employers would pay an additional 6.2% tax on every dollar earned above this threshold. The author argues that with the Social Security Trust Funds projected to be depleted by 2041 and the U.S. facing a $34 trillion debt, increasing revenue through taxes on higher earners and corporations may become a more prominent solution. The article suggests that under Bidenomics, the wealthy and corporations are likely targets for increased taxation to address fiscal deficits.

via Fox Business|

#bidenomics #economy #fiscal-policy