Taxing High Earners: An Important Fact About This Social Security Strategy


Some people say that a Social Security strategy that would save the program is taxing the wealthy.

But who are they talking about? As pointed out here, many people mention millionaires and billionaires.

To paraphrase an excerpt of this excellent piece by Brett Arends via MarketWatch, millionaires are far different than billionaires. Some people can reach millionaire status in areas like Los Angeles or New York, and still be classified in the middle class.

And when you consider that this distinction takes into account net worth based on assets, not just income levels, a person in one of these areas could lose their job and salary, but remain a millionaire if they own their home.

Billionaires on the other hand, constitute a small subset of the population (0.1 percent) that controls 13 percent of the nation’s wealth. Should these people be taxed to fund Social Security? Share your thoughts.


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