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 12 months.
This is available in sharp distinction to the over 160 million American staff who will proceed to pay Social Safety taxes on the earnings they earn all 12 months.
This large disparity is as a result of 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 earnings — together with inventory choices — the system would have acquired $3.4 billion.
“If the wealthiest Individuals paid their justifiable share, we might strengthen the Social Safety program and even develop advantages,” stated Joseph Peters, Jr., Secretary-Treasurer of the Alliance. “It’s time for Congress to undertake this frequent sense resolution and ship higher retirement safety for all.”