Most millionaires and billionaires in U.S. stop paying social security tax after April 17 because of higher wages

  • metta

    Posts: 39091

    Apr 18, 2014 2:35 PM GMT
    Most millionaires and billionaires in U.S. stop paying social security tax after April 17 because of higher wages

    "When the cap was established in 1937, 90 percent of annual salaries were subject to paying Social Security tax year round.

    But in recent years, pay has risen faster for wealthy Americans than it has for the working class. In some instances, workers have seen their salaries decrease. Today, only about 70 to 75 percent of annual salaries are subject to paying the tax year round.

    If all salaries were taxed year round, the country’s Social Security trust would grow. However, that isn’t likely to happen any time soon — as Congress is mostly comprised of millionaires who lack the incentive to impose such a change."

    http://america.aljazeera.com/articles/2014/4/17/advocates-want-toraiseorliftcaponmedicaretax.html
  • roadbikeRob

    Posts: 14327

    Apr 18, 2014 2:45 PM GMT
    Both democrats and republicans are equally guilty of allowing this nonsense to continue at the expense of the mass majority of Americans. This is why we need to evict both democrats and republicans from the halls of American governance and replace them with Independents and alternative political parties that will stand up for the mass majority of Americans and compel these rich bastards to start paying their fair share of social security and all other taxes. You guys on here think Hillary Clinton will be better than Jeb Bush you are all in for a very horrible shock. Hillary is one of the wealthy folks so she will do anything to protect her wealthy donors by preserving the costly status quo in much the same way Jeb Bush would preserve the costly status quo for his political donors. This is why we need to end the political duopoly that has run this country into the ground.