re: #543 austin_blue

Well, they certainly have a lot more middle class money now. Not so much from the top 2%. As marginal top tax raises have dropped, payroll taxes on the middle class have increased tremendously.

Question:

Why are are Social Security taxes (and the business contribution) capped at salaries above $106,800?

I mean, really, a worker (and his business owner) pay a split total of 12.4%.

But Mr. Banker, who makes $1.2 million per year in salary, pays the same Social Security tax as a GP in a rural community making $106,800?

Really?

That sucks.

Does Mr. Banker get any more than you do in the end. He doesn’t get anything near to maintain his current standard of living. Why should he pay more if he is not going to get more? Do you think you have a right to his money?

Personally, I think his (so-called excess) money does more for us if it is out in the market working.