When the Social Security laws were revamped in 1983, it was determined that Social Security payments by workers would be limited to the first $160,000 of earned income, and income in excess of that amount would not be taxed. That limit has not been changed in the past 40 years, despite a growing wealth gap in the country, according to Linda Benesch, Communications Director of Social Security Works, in her article “Inequality is Weakening Social Security. Here’s How We Fix That.“
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