Home > Uncategorized > US Raises Social Security Taxes for “Higher Income” Americans… but not NEARLY Enough!

US Raises Social Security Taxes for “Higher Income” Americans… but not NEARLY Enough!

October 19, 2016

The Wall Street Journal today reported that the social security tax “cap” from its current level of $118,500 to $127,200. It’s about time! As the NYTimes noted in an editorial on the difference between the candidate’s positions on this issue, In recent decades, “…the wage ceiling has not kept up with the income gains of high earners; if it had, it would be about $250,000 today.” And here’s a mathematical reality: someone who makes a billion dollars a year makes $2,739,726 a DAY…. or over $340,000 per HOUR if they worked an 8 hour day or just over $170,000 per HOUR if they worked 16 hours every day of the year… In effect after working just under an hour a billionaire hits the cap on social security… that is IF the billionaire even works in the sense that, say, a school teacher works…. But, according to Fox news and most Republicans we don’t want to get into this argument because it might start a class war… better we should argue about race, transgender bathrooms, and the infidelities of candidates… MAYBE in the last debate and in the final weeks of this campaign we will get into a substantive analysis of the economy and the wealth disparity that is making a mockery of the notion that everyone has an equal opportunity for success in this country… or maybe that unicorn will come to my bird feeder…

 

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