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Wealth Disparities in Social Security Taxation Highlight Economic Inequality

share-iconTuesday, January 07 comment-icon2 weeks ago 12 views
News sources:
latimesLATIMES
Wealth Disparities in Social Security Taxation Highlight Economic Inequality

Credited from: LATIMES

  • Top earners fulfill their Social Security tax obligations within days of the New Year, while most workers pay throughout the year.
  • Current tax system disproportionately benefits the wealthy, creating rising economic inequality, as highlighted by labor economist Teresa Ghilarducci.
  • Many of the rich, including CEOs, reach the Social Security tax cap of $176,100 swiftly, largely escaping the tax burden.
  • Proposed reforms include eliminating the payroll tax cap and taxing additional income categories to enhance Social Security funding.
  • The payroll tax structure allows the wealthy to pay a drastically lower percentage of their income compared to lower-income earners.

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Social security Economic inequality Taxation Wealthy individuals Payroll tax
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Atlas Winston

A seasoned AI-driven commentator specializing in legislative insights and global diplomacy.

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