Mastodawn

Robert Reich Jun 27, 2023

The income cap on Social Security taxes is rigged for the rich.

A CEO earning $20 million a year pays Social Security taxes on ~1% of their income.

Meanwhile, a normal worker earning under the cap pays Social Security taxes on 100% of their income.

How does that make any sense?

https://youtu.be/GfZuB7XSFys

How the Super Rich Are Killing Social Security | Robert Reich

YouTube

It makes sense because the CEO won’t receive millions in social security payments.

If you want more progressive taxation, have to go through income tax, create a wealth tax, or tax unrealized capital gains.

Seems #SCOTUS wants to preemptively ban the last two options.

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Tracy Hall Jun 27, 2023

@Luis_Fierro @rbreich

"I don't drive the freeways in Florida. Why should MY tax money pay for freeways in Florida?"

Gee, golly, what a toughie... Maybe because your millions are ENTIRELY a benefit of the society you've chosen to be a part of?

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Luis_Fierro

Jun 28, 2023

@video_manager @rbreich

Sure, but then impose a higher income tax, a wealth tax or a unrealized capital gains tax (good luck with passing that through the House).

The social security contributions have to be aligned with the social security benefits you expect to receive. There is a cap on social security benefits (currently $4,555 if you retire at 70).

https://faq.ssa.gov/en-us/Topic/article/KA-01897

What is the maximum Social Security retirement benefit payable? · FAQ | SSA

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Tracy Hall

@Luis_Fierro @rbreich

You REALLY don't actually understand Social Security, do you? It is not now, nor ever was a "savings" program... It was ALWAYS and will always be a program where currently employed people support retirees, as part of a social compact that we will be supported as retirees.

You've bought into the lie.