View Single Post
  #60  
Old 05-14-2019, 01:09 PM
jbrown_9999 jbrown_9999 is offline
Junior Member
Domer Domain Junior
 
Join Date: Jun 2011
Posts: 2,102
Default

[quote=Jim2Dokes;722799]
Quote:
Originally Posted by Jim2Dokes View Post
How about we start taxing the rich for social security, it seems to me it is a program for poor people, paid by poor people. However, the rich get social security as well, yet only pay up to a very small amount of their income.
Are you aware that the maximum annual level of Social Security benefits is around $34,000 regardless of what your previous income and contributions were?

Are you also aware that most "rich" people pay the maximum amount of FICA taxes? In fact, many of them will pay double if they are self employed and have to pay the employer portion as well.

Is your issue that FICA is not collected on salary earnings above the $132,900 cap?

I have two questions:

1) Exactly how much should someone who earns $1,000,000 per year pay in social security contributions if he or she is limited to getting $34,000 each year from it in retirement?

2) Exactly how much should someone who earns $5,000,000 per year pay in social security contributions if he or she is limited to getting $34,000 each year from it in retirement?

Last edited by jbrown_9999; 05-14-2019 at 01:11 PM.
Reply With Quote

Sponsored Links
Don't like this ad? Register to make it go away!