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There is also a cap on social security tax, so if you make more than $160,200, you don't pay any more into social security than a person who makes $160,200 woul
by Clubber 3y ago
There is also a cap on social security tax, so if you make more than $160,200, you don't pay any more into social security than a person who makes $160,200 would. If you earn $2M, you pay as much as a person making $160,200. Granted, you are also capped on collecting social security, but those people probably won't need it.
https://www.pgpf.org/blog/2023/02/should-we-eliminate-the-social-security-tax-cap-here-are-the-pros-and-cons https://www.pgpf.org/blog/2023/02/should-we-eliminate-the-so...
People who aren't employed, also don't pay medicare tax. This includes wealthy people who make their money by other means like market speculation, etc.
https://www.patriotsoftware.com/blog/payroll/a-closer-look-at-medicare-taxes/ https://www.patriotsoftware.com/blog/payroll/a-closer-look-a...
The middle class is solely supporting both of those programs.