A new analysis by the Center for Economic and Policy Research (CEPR) finds that March 6 is the day that millionaires stop contributing to Social Security for 2025 – highlighting how the program’s finances would be greatly improved by lifting the cap on earnings.

While most working people pay income and payroll taxes on all their earnings throughout the year, the Social Security payroll tax is capped at $176,100 – meaning that once a person’s income reaches that amount, they stop paying into Social Security. 

So while a millionaire stops contributing to Social Security by early March, other workers pay through the entire year. 

“Social Security faces enormous risks right now, thanks to the massive job cuts pushed by DOGE and the wild misinformation being spread by Elon Musk,” said Emma Curchin, a Domestic Program Associate at CEPR. “Musk’s ignorance about Social Security should remind us that it is actually a vital and successful anti-poverty program that supports millions of Americans – and one that could be bolstered by scrapping the cap that enriches millionaires and billionaires like Musk.”