Lifts the Cap on High-Income Contributions. Current law sets a cap based on income at $113,700 for paying into Social Security.
Lifting the cap on high-income contributions – Unless you are in a different retirement system, Social Security is deducted from each paycheck. Current law sets a cap based on income ($113,700 for 2013); if your wages hit that total for the year, you no longer pay into the program.
By lifting the Cap Social Security stays solvent for the next 15-20 years.
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