If EVERYONE had to pay the same percentage of their whole incomes, wouldn't the funds from the super wealthy eliminate all of the anticipated shortages in the coming years? Why is it up to the middle class to carry everyone?
2007-12-05 10:42:19 · 2 answers · asked by Billy Shat 7 in Business & Finance ➔ Taxes ➔ United States
Benefits are based on the amount paid in. The total paid in is capped to avoid paying huge retirement benefits to people with very high incomes.
The middle class doesn't "carry everyone". The wealthy as a group pay more in taxes than their proportional share based on income. And for social security, their benefits are capped along with their payments.
2007-12-05 11:52:07 · answer #1 · answered by Judy 7 · 3⤊ 0⤋
The people that would have to pay would NOT get any more money when they retire, so why should they pay for something they will not get anything from? $100K is NOT super wealthy. Here in NYC if you make $100K you CANNOT even buy a studio apartment (i.e. ZERO bedrooms, just one big room).
You are NOT suppose to be able to retire on SS, it is only suppose to help.
2007-12-05 22:00:41 · answer #2 · answered by NYC_Since_the_90s 6 · 0⤊ 1⤋