4 ms·
Social security has been raided to pay for the general fund for years. While nominally it goes "to your account", in practice it's a tax used to pay for things
by emmett 18y ago
Social security has been raided to pay for the general fund for years. While nominally it goes "to your account", in practice it's a tax used to pay for things in the general fund just like income taxes are.
I may have read the tax table wrong, because I got a 4% higher tax rate for federal income tax. My bad - looks like it's as you say.
While it should already feel a little weird to pay slightly less (percentage-wise) than someone who makes $30k/year with a seven figure income, you actually paid far more than someone who regularly makes that amount would. You had far less incentive and time to set up tax shelters. A "regularly" rich person would pay an even lower percentage of their income.