Biden and Trump Are Light-Years Apart on This Aspect of Social Security

Biden and Trump Are Light-Years Apart on This Aspect of Social Security

Since Social Security's founding, it's had the same funding source: A dedicated 12.4% payroll tax assessed on income up to an annual ceiling (called the wage base limit). Half this tax, or 6.2%, is paid directly by employees, generally with money withheld from their paychecks.