Does ‘tax the rich’ help solve this issue…? Sure, there’s not a large ‘next generation’ to help support our aging society, but most all of our issues sprout from unchecked capitalism and the ultra rich hoarding wealth.
In the US, social security is a tax on poor people earning less than~$160k. That’s the bottom 90% of earners.
The top 10% of earners collect about half of the country’s personal income. Each of them does have to pay SS tax on the first $160k of earned income, but clearly there’s a huge pool of income that doesn’t pay into social security.
To that point SS is fully funded till about 2035 and then can pay out approx 75% of benefits after that. Removing that $160K cap would pretty much solve things.
Does ‘tax the rich’ help solve this issue…? Sure, there’s not a large ‘next generation’ to help support our aging society, but most all of our issues sprout from unchecked capitalism and the ultra rich hoarding wealth.
In the US, social security is a tax on poor people earning less than~$160k. That’s the bottom 90% of earners.
The top 10% of earners collect about half of the country’s personal income. Each of them does have to pay SS tax on the first $160k of earned income, but clearly there’s a huge pool of income that doesn’t pay into social security.
To that point SS is fully funded till about 2035 and then can pay out approx 75% of benefits after that. Removing that $160K cap would pretty much solve things.
But the rich don’t want to pay poor people’s retirement, that’s for the poor people to handle
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