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The ultra-wealthy, like Elon Musk, hit the $176,100 Social Security tax cap within minutes each year. Congress could consider reforms to strengthen and preserve the program.
Advertising Disclosure: When you buy something by clicking links within this article, we may earn a small commission, but it never affects the products or services we recommend. Social Security’s funding gap is growing, and its contribution structure fuels debate. While most workers pay Social Security taxes on every paycheck all year, high earners stop contributing once they earn $176,100.
