- 09 Oct 2024 22:05
#15326781
What are you claiming I am wrong about?
The ONLY tax table, each individual with a gross income of more than $X would be required to file and pay an income tax.
Did you miss where the FICA tax and trust funds would cease to exist?
SpecialOlympian wrote:Indi, welcome to the forum. Also, you're wrong.
Which tax table is this from? Head of household? Single filer? Married filing jointly? You just pasted unreadable nonsense.
I actually have an understanding of the American tax code. Not perfect, but if you picked me for a "Man on the Street" local news interview I'd sound like a god damned accountant.
American billionaires are not forced to pay Social Security taxes beyond their first $168,000 of employment income. Yes, you read that right. A person can have billions and only be taxed for SSI contributions on the first $168,000 of any wages they receive from a multibillion dollar company they own. I want to stress "wages" and "employment income" there. They only pay up to that $168K amount if they actively work.
If someone just happens to be incredibly wealthy and lives on passive income through interest (like Hakeer, the bond king) or dividends then they don't contribute at all.
So Zuckerberg could pay himself $10 million a year to be CEO of FaceBook. And only 6.2% of what he makes on his first $168,000 helps fund Social Security. Which is a whopping $10,416. And that's fucking ridiculous. Facebook is a net negative to society, Zuckerberg has a bill to pay for every aging Boomer he turned into an insane person.
Zuckerberg could then agree to sell his share of the business for billions and not contribute to the Social Security fund at all. Then he can claim maximum Social Security income benefits because he was CEO for 20 years (I could bore with how you qualify for SSI but eh). Which, to him, would be a pittance. Not even enough to cover a restaurant bill.
And yes, I also think this is a very stupid way to run the tax system. It simply must be more punitive, and extremely so, for outliers and aberrations who gain so much more from society than they contribute.
What are you claiming I am wrong about?
The ONLY tax table, each individual with a gross income of more than $X would be required to file and pay an income tax.
Did you miss where the FICA tax and trust funds would cease to exist?