Comment on Keep in mind that social security is set to run out in 10 years time.
SasquatchBanana@lemmy.world 7 months agoHow about OP provides sources to their claim first.
Comment on Keep in mind that social security is set to run out in 10 years time.
SasquatchBanana@lemmy.world 7 months agoHow about OP provides sources to their claim first.
DahGangalang@infosec.pub 7 months ago
On one hand: fair. If you’re not versed in elements of tax law this but of data can seem arcane.
On the other: this is a matter of policy - not one of research. This the definitive answer can be found rather easily with a Google search. Here’s a link to a Social Security Administration page on the topic: www.ssa.gov/OACT/COLA/cbb.html
By the math set out at the above link, one can calculate that, at a maximum income of $168,600 and a SS Contribution rate of 6.2%, the most any individual would contribute to social security in a year would be $10,453.20.
$10,453.20 would represent 0.052266% of the income of someone making $20 millions per year. Even doubling that amount (as some conservatives do) to count the employer’s contributions to Social Security would leave you with just over 0.1% of net income.
So yeah, even if Social Security isn’t going bankrupt, it’s an anemic system that barely provides livable circumstances for those who depend on it. Raising or removing that “max income for contributions” limit would go a long way to seeing the system be able to actually support people who need it while only burdening those most able to bear the burden.