Some of America's richest individuals paid all of their Social Security taxes yesterday for the entire year. Most Americans will pay Social Security taxes all year long. That's because in 2025, SS taxes are only applied to the first $176K earned. This cap has put Social Security at risk. - ThreadSky

inequalitymedia.bsky.social • 51 days ago

Some of America's richest individuals paid all of their Social Security taxes yesterday for the entire year.

Most Americans will pay Social Security taxes all year long.

That's because in 2025, SS taxes are only applied to the first $176K earned.

This cap has put Social Security at risk.

Comments

kumakaori74.bsky.social•51 days ago

It's a joke that my parents making 6 figures paid only the first $61,200 of their salary into SS in '95; While I'm paying this 6% tax on almost my whole salary.

alexpontikas.bsky.social•50 days ago

It is when the middle class owns more than half of the total money in the economy, while allowing each person individually to own as much money as long as the first part isn't violated, that the economy can have a maximal production where everyone is working at each one's best.

inkenheimer.bsky.social•51 days ago

Scrap the Cap

1hippie.bsky.social•51 days ago

Iirc, Dems had a plan to make this tax pick back up after $400k (to keep Biden's promise of no new tax on anyone making under that). Anyone know what happened to that plan? Clearly it didn't pass.

darovic.id.au•51 days ago

Which is rather mad when you think about it, instead of instead exempting everyone under 175k instead and not having a cap. It's upside down as is and that suggested fix is kinda weird. But I guess that's modern politics - I mean lobbyists and money.

1hippie.bsky.social•51 days ago

It was an odd fix, but it was a fix that would have shifted part of the burden to the top. Granted, not ideal, but better. And they couldn't even accomplish that. I agree about the money. Nothing will improve until we deal with money in our politics.

vorail.bsky.social•51 days ago

how to deal w/ money in politics (assume the court and current congress will not ban it)? can we move beyond twitter activism? two clicks: one to record in voice our opinion, one to send to our elected officials? invited candidates to ask a question, we answer in voice, candidates respond in voice?

deborahdavis.bsky.social•50 days ago

Republicans sabatoge social security and the postal service and hypocritically complain about it to provide a fake excuse to fix it by cutting benefits, only to give tax cuts to his billionaire swamp cronies who basically purchased this election!

fubar-427.bsky.social•51 days ago

The best system set up for the rich

vorail.bsky.social•51 days ago

what does your member of congress MOC think about changing the cap on social security.. ask in voice! click a button, record your voice, choose which MOC to send it to. we got to do more than type if we want something different than today.

yaquinalady.bsky.social•50 days ago

🎯💯👏🏻 RAISE the CAP

fmc50.bsky.social•50 days ago

If 160 million Americans only earn 10% of the National Income it means the average National income per head is about $14,000 which is below the 2024 Federal Poverty Level (FPL) of $15,060. Hell the Chinese National income per head is $9000 (11.500) when price parity is taken into account.

craigdodge.org•50 days ago

Yup. Eliminating the cap for rich folks would sure go a long way to rescue Social Security.

daniel62.bsky.social•51 days ago

If the cap was just raised to one million that would fund it for decades... Selfish bastards.

justfeliz69.bsky.social•51 days ago

They should raise the level to 400,000 or 500,000

overwatch360.bsky.social•51 days ago

This is long past due, remove the cap and start taxing the rich!

Let's remove this burden for your average American, "Enough Is Enough Already!"

vorail.bsky.social•51 days ago

enough is enough? will we do more than twitter activism? click a button, record your voice, click the other button, send to your member of congress... if WeAsk maybe our elected officials will feel more accountable...

earthrising.bsky.social•48 days ago

The Reactionaries wrongly call it an entitlement.No.
Social Security is a Benefit that We the People paid into.

critesbeck.bsky.social•51 days ago

Like paying those taxes would even make a difference to them? It’s ridiculous!

poolsidelounger.bsky.social•51 days ago

I think the cap should stay as it is currently applied but the social security tax should be resumed on W2 income in excess of $500k. Essentially nothing would change for those with income below $500k but those with truly large incomes would pay more.

dianeiam.bsky.social•51 days ago

Opinions on this seem often to depend on one’s POV, which of course may be influenced heavily by one’s annual income and how it’s generated.

poolsidelounger.bsky.social•50 days ago

I agree. Unfortunately, many are all in favour of any new tax that they know they won't have to pay. That said, the alternative to exposing income over an arbitrary "high" level to tax is to change the SS tax from a flat tax to a graduated one. Keeping it a flat tax keeps it simple IMO.