Will Joe Manchin reap what he sowed? John Iadarola and Aida Rodriguez break it down on The Damage Report.
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Read more here: https://www.cnbc.com/2021/02/23/how-a-15-minimum-wage-could-boost-social-security-benefits.html
"Some Washington lawmakers are pushing to raise the federal minimum wage to $15 per hour to put more money in workers’ pockets.
The wage bump could also eventually provide a boost to their Social Security benefits.
The current federal minimum wage of $7.25 has stayed where it is since 2009.
At the same time, workers contribute 6.2% on wages of up to $142,800 in 2021 to Social Security. Employers, in turn, match that 6.2% contribution. (If you’re self-employed, you pay 12.4% in Social Security taxes.)”
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