Column: U.S. billionaires are done with Social Security taxes for 2021, but you’ll pay all year
3 years, 11 months ago

Column: U.S. billionaires are done with Social Security taxes for 2021, but you’ll pay all year

LA Times  

Elon Musk and other American billionaires benefit from the fact Social Security taxes are highly regressive. — Teresa Ghilarducci, New School About 200 or so others — earners of more than $50 million and income averaging some $90 million — effectively covered their entire Social Security obligation by about noon on New Year’s Day. Going further, by eliminating the payroll tax cap entirely, would make Social Security indisputably solvent for at least 40 years, according to the program’s chief actuary. Pichai’s effective Social Security payroll tax rate on his 2019 income: 0.003%. The payroll tax is separate from income tax because Social Security’s drafters saw value in endowing it with an independent revenue stream.

Social Tax Taxes Congress Social Security Pay Income Million Republicans Rate Pichai Security Benefits Payroll Ghilarducci Social Security Taxes  payroll  income  youll  column  pay  2021  tax  million  taxes  rate  billionaires  security  benefits  social

History of this topic

Here's what happens when the world's richest man buys the presidency
1 week, 2 days ago

Here's what happens when the world's richest man buys the presidency

Raw Story  

In 1935, President Franklin Roosevelt created Social Security, an insurance contract between Americans and the federal government that pays out on certain life events. Trump’s GOP will be making “hard” choices, meaning they will be cutting benefits, in order to fund tax cuts for wealthy donors. Musk and Ramaswamy went to Capitol Hill last week to talk up their plans …

Trump 'open' to slashing taxes that fund Social Security and Medicare: report
8 months ago

Trump 'open' to slashing taxes that fund Social Security and Medicare: report

Raw Story  

Former President Donald Trump is toying with the idea of promising a large tax cut for the middle class as part of his 2024 re-election campaign — and one way he might do it is to raid the funding for Social Security and Medicare. According to Gram Slattery of Reuters, "Donald Trump has indicated to advisers he is keen on …

How Trump ends Social Security
9 months, 1 week ago

How Trump ends Social Security

Raw Story  

Want to end Social Security? … the reforms in the RSC Budget would not affect benefits for any senior in or near retirement…” READ: Two Trump legal lifelines are tilting Election 2024 in Donald's favor In other words: “the system is going broke and we’re going to gut it, but not for the older voters the GOP needs: we’ll just …

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