And that doesn’t even take into account the additional matching payment from employers, right? In your example, the person making $5,176,000 would pay $320,912 and the employer would match it. So that one employee would generate $642,000 in revenue to the SSA.
ALWAYS agreed with this position even when I earned more than the maximum on which I could be taxed.
I was a tax accountant in the 90s for surgeons crying that they were to be taxed on SS benefits.
I without guile (outside work) pointed out that no one who needed SS would be taxed. Not popular.
It’s awful. The self-employed see the force of this, paying the full 12.4% on, say, $100,000 net pay, $12,400—plus income tax (with a 6.2% deduction but only taken from adjusted gross income).
Discusting! In my country we try to have a more equal socierty, so when comes to income, we have a motto: "The wider sholders, the bigger burden"! (read; taxes to pay)!
That makes us the second happiest peoble in the f.....world!!!🤗
Elon Musk's Social Security tax should be $30 billion a year.
Which is directly proportional to the rest of us.
This is how a modern society would operate.
Elmo thinks he will be king of the universe one day.
He is an even worse example than Trump of believing his own press releases and ignoring reality. He seems to have read Robert Heinlein as a how-to for a goofy kid with few skills beyond bullshit and grift.
And corporations who are paying those salaries are getting a 6.2% tax break on salaries over 176k as well, so 600k lost to the SS Trust from the employee and the employer combined.
And people wonder why the trust might run out. (Sadly they also think that means SS runs out too.)
Comments
I was a tax accountant in the 90s for surgeons crying that they were to be taxed on SS benefits.
I without guile (outside work) pointed out that no one who needed SS would be taxed. Not popular.
If these richy-rich people were so pro-America, they'd be falling all over themselves to invest in our great country. Right?...
Right? 🙃
That makes us the second happiest peoble in the f.....world!!!🤗
Which is directly proportional to the rest of us.
This is how a modern society would operate.
He is an even worse example than Trump of believing his own press releases and ignoring reality. He seems to have read Robert Heinlein as a how-to for a goofy kid with few skills beyond bullshit and grift.
1. Only the Social Security Trust is at risk of default. SS itself will always exist, but the payouts will be reduced by about 20%.
2. Removing the cap will only extend the trust to about 2075, but there are lots of options to save it forever:
https://www.ssa.gov/OACT/solvency/provisions/index.html
And people wonder why the trust might run out. (Sadly they also think that means SS runs out too.)
Treating Social Security as just another welfare program like Medicare or Medicaid is just another infringement on property rights.