Despite their massive incomes, millionaires are already finished paying their Social Security taxes.
Thanks to the Social Security tax brackets, the wealthy have paid all their required share within a couple of months. This is because taxes are only paid on the first $160,200 a person makes.
About 94 percent of working Americans earn that amount or lower yearly. But it’s this overwhelming majority that shoulders the burden of paying taxes to cover Social Security. Self-employed individuals pay a total of 12.4 percent, while employed individuals and their employers split 6.2 percent each.
Does this fact need to change? If the tax setup gets altered to focus on the wealthy, could it save Social Security from insolvency?