00:00It's Benzinga bringing Wall Street to Main Street.
00:02Individuals with $1 million in annual wages stopped paying into the program for the year by Monday,
00:08according to the Center for Economic and Policy Research.
00:11The Social Security payroll tax applies to earnings up to $184,500 in 2026.
00:18Billionaire Elon Musk may have finished paying his Social Security payroll taxes for the year
00:23on New Year's Day because high earners reached the taxable income cap much earlier than most
00:28workers, according to CNBC.
00:30The Social Security Administration projects the Retirement Trust Fund could be depleted
00:34in 2032, which would reduce monthly benefits by 24% unless Congress acts.
00:40Lawmakers and policy groups are debating raising the payroll tax cap as one option to address
00:45the funding shortfall.
00:47Research shows that rising earnings inequality has reduced the share of income subject to
00:51payroll taxes.
00:52For all things money, visit Benzinga.com.
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