Quote:
Originally Posted by NateW
Easy what do you mean about the social security cap..? Im just interested in it I dont know what removing the 95K cap would mean or do
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well, right now everyone in the US pays roughly 14% social security tax on that first 95k of income. Half gets paid by the employer, half by the employee. But since employers aren't retarded it may as well get paid out of your pay, becuase if they didnt have to cough up that, they would be willing to pay you 7% higher

anyhow, so regardless if you make 98,000 or A-rod's 30 million, you contribute a total of around 13,000 a year into social security, with 6500 coming from your employer, and 6500 coming out of your check. by removing that, a-rod would end up paying around 4.2 million a year into social security, instead of $13,000. it would totally change the fears of social security being underfunded to last into the future as the amount paid OUT for social security doesnt have to change