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Americans will do anything but remove the cap on taxing income over $176k. It's a bizarrely unique American notion that those who can most afford it are given
by standardUser 2y ago
Americans will do anything but remove the cap on taxing income over $176k.
It's a bizarrely unique American notion that those who can most afford it are given the exemption and the burden falls to those who can least afford it. And that those who profit most from the system are given a pass on having to actually pay for it.
- s1artibartfast 2y agoBecause the system views the people who need support as disposable. The system doesn't need them.
- wakawaka28 2y agoIncome over $176k is definitely taxed, at progressively higher marginal rates. If you won the lottery you'd lose half of the jackpot to taxes. Only one specific type of tax has a cap, not that the buckets really mean anything. Courts have found that Social Security is not an entitlement, it is a welfare program. You can collect more than you ever paid in, and be denied benefits for arbitrary reasons. However, practically speaking, they treat it like an entitlement in that paying in more money generally increases the amount of your benefits, up to a limit. If people were to be denied benefits on a large scale, then people paying into it might vote to eliminate it.
- csa 2y ago> Americans will do anything but remove the cap on taxing income over $176k. Point taken, but just to be clear to folks who aren’t familiar with American taxes, this cap is only for “social security tax” and does not apply to federal income taxes.