U.S. Rep. Stephen Lynch Calls for Raise on Social Security Tax Income Cap
QUINCY, Mass. (AP) — U.S. Rep. and Democratic senatorial candidate Stephen Lynch says the income cap on Social Security contributions should be raised at a faster pace to help keep the retirement system solvent.
Rather than cut benefits or raise the retirement age, Lynch on Tuesday called for raising the cap to $214,500.
Social Security taxes are currently imposed on only the first $113,700 of annual income.
Lynch says the threshold has not risen quickly in recent years for Social Security funding to keep pace with the needs of current and future retirees.
The cap increased by $3,600 in 2013. Workers are also paying a higher Social Security tax rate this year following the expiration of a temporary payroll tax cut.