Fun Fact of the Day, July 16, 2019

July 16, 2019

Raise Taxes - Proposed House bill HR 860 (“Social Security 2100 Act”) would raise Social Security payroll taxes from 12.4% currently (the combined tax rate for employees and employers) to 14.8% by the year 2043. The combined rate would be raised 0.1 percentage point per year beginning in 2020 (source: Congress).

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