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Why does the US government cap social security income contributions at approx $100K? |
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? 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 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). |
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