Inequality undermining Social Security

The upward redistribution of income in the U.S. is undermining the nation’s Social Security:

if you’re a millionaire, February 16th is the last day that you will pay into the social security for the entire year. That’s because the Federal payroll tax cap is set at $127,000, so any money made beyond this point, is not subject to taxation that would fund this very crucial Federal social program.

See Real News Network interview with Dean Baker of the Center for Economic Policy Research here.