The Rich Are Costing Social Security Almost $150 Billion a Year
'...More than nine out of 10 working Americans will make less than $132,900 this year, and will therefore be paying into the system on every dollar they earn. Mind you, only the self-employed will owe the 12.4% rate. If you're employed by someone else, you and your employer split the payroll tax liability down the middle, 6.2% each. This means just a single-digit percentage of the working population will sidestep paying tax on a portion of their earnings. But, in 2016, this "portion" equaled $1.2 trillion in earnings . At the 12.4% rate, that's $148.8 billion (nearly $150 billion) in revenue that Social Security is missing out on each year...'
Reference: www.nasdaq.com
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