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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Lizzie Tudor who wrote (176882)1/13/2009 7:50:38 PM
From: DebtBombRead Replies (2) of 306849
 
The thing is though, social security can be helped easily maybe even fixed....right now anything over 102k in earned income is exempt from social security tax....again it's the rich getting off the hook for paying taxes. Most folks don't know this because they never made over 102k in one year. So, the guy making 500k/year is paying the same social security tax as someone making 102k. WTF? Protect the rich....give them lifeboats....forget the little guy.
Thursday, January 6, 2005
What is the Social Security Tax Cap?
The Social Security payroll tax is 12.4 percent of wages - paid equally by the employer and the employee (6.2 percent each). The federal government currently imposes a $90,000 "cap" on taxable salary under Social Security. So President Bush - whose annual salary is $400,000 - will stop paying all his Social Security taxes on or around March 24, while American workers earning less than $90,000 will pay Social Security taxes all year long.
retiredamericans.org
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