Showing posts with label Expand Social Security Act. Show all posts
Showing posts with label Expand Social Security Act. Show all posts

Feb 19, 2019

The Wealthy Are Not Paying an Equal Income Percentage to Social Secirity as Working Class Foots Bill


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
Tags: Expand Social Security Act, Social Security,