Given we have a progressive tax system in America with Alternative Minimum Tax (AMT) and deduction phaseouts, I've calculated that the optimal Adjusted Gross Income is roughly $250,000, +/- $50,000. At $250,000, $112,300 of the earnings is free from the 6.2% FICA tax. Meanwhile, y...
Alternatively, the cap on income subject to Social Security tax could also be eliminated or modified. AAA has also proposed taxing all income over $400,000 or simply taxing 90% of total earnings. Benefit cuts are challenging because Social Security income currently keeps an estimated 28.9 million...