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New Year Tax Hike In Social Security Increases Costs
Washington reports a major Social Security tax rise takes effect Monday as part of a plan to stabilize the retirement system. The payroll tax rate climbs from 6.05 to 6.13 percent and the wage base rises to 22,900, with higher earners bearing the biggest net increases despite income tax cuts for many. Older workers view it as necessary for long term confidence in benefits.
MENTIONED IN THIS ARTICLE
Washington
UPI
Congressional Budget Office