mishtalk.com / Mike “Mish” Shedlock / October 19, 2016
The tax man has his eyes on you. He always does. And if your wages exceed $118,500 then the tax man will collect.
Wages subject to Social Security jump 7.3% in 2017, to $127,200. That’s the largest single-year jump since 1983.
About 12 million will be affected. Are you one of them?
The Wall Street Journal reports Social Security Taxes to Rise for Higher-Income Americans.
Nearly 66 million people, or roughly 1 in 5 Americans, receive Social Security and Supplemental Security Income payments from the U.S. government. Based on subdued inflation over the past two years, their benefits will see a 0.3% cost-of-living increase for 2017 following no adjustment this year, the Social Security Administration said Tuesday.
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