Actually, the tax limit has been risen a few times, I remember when it was ~68000 and then it ended up being ~98000 in the late 90s, maybe in the Clinton Admin.
I think it is now ~163000, I can only assume that that was done by Obama.
In today's environment, as you say, I doubt it will be raised until 2/3 of the Senate and the Pres wants to raise it.
The social security tax limit is indexed with inflation and updated annually by the IRS without an act of congress. This indexing is factored into their funding calculations.
I think it is now ~163000, I can only assume that that was done by Obama.
In today's environment, as you say, I doubt it will be raised until 2/3 of the Senate and the Pres wants to raise it.