January 05, 2024

220 Individuals Completed Paying Social Safety Taxes on New Yr’s Day

Just some hours into 2024, greater than 220 Individuals, together with SpaceX/Tesla/X’s Elon Musk and Apple’s Tim Prepare dinner, paid all their Social Security taxes for the yr.

This is available in sharp distinction to the over 160 million American employees who will proceed to pay Social Safety taxes on the revenue they earn all yr.

This large disparity is because of the cap on most earnings topic to Social Safety tax — $160,200 in 2023 and now $168,600 in 2024.

If the highest ten CEO’s paid Social Safety tax on all their revenue — together with inventory choices — the system would have obtained $3.4 billion.

“If the wealthiest Individuals paid their justifiable share, we might strengthen the Social Safety program and even develop advantages,” mentioned Joseph Peters, Jr., Secretary-Treasurer of the Alliance. “It’s time for Congress to undertake this frequent sense resolution and ship better retirement safety for all.”


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *