How Do We Save Social Security? Eliminate the Payroll Cap
by United for a Fair Economy on Oct 30, 2013 | Views: 183 | Score: 0
| % of Income Paid toward Social Security | |
|---|---|
| $20,000 | 6.2 |
| $40,000 | 6.2 |
| $80,000 | 6.2 |
| $110,100 | 6.2 |
| $220,020 | 3.1 |
| $440,400 | 1.6 |
| $506,000 | 1.3 |
| $1,000,000 | 0.7 |
| $10,000,000 | 0.07 |
| $20,000,000 | 0.03 |
Annual Income
Sources:
faireconomy.org, faireconomy.org
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Every worker pays social security taxes on their earned income, but there is no tax on annual pay above $113,700. Of those workers with earnings above that amount, 100% are high income, roughly 81% are white, and 77% are men. Those who can most afford to contribute to the social security pot are given an unneccesary and costly free ride.