'Despite earning much more than the average worker, a millionaire's effective tax rate is far lower than the average worker's,' noted one researcher. ScrapTheCap
"Here's the crazy situation. Somebody making $10 million in a year is contributing the EXACT SAME AMOUNT into Social Security as somebody making $160,000," Sanders"This country's billionaires gained more than $2.1 trillion in wealth since the pandemic began and now have total estimated riches of $5.1 trillion. Meanwhile, almost half of all Americans aged 55 and older have no retirement savings at all.
In her blog post, Rawlins of CEPR noted that"the Social Security Trust Fund is projected to fall short of the amount needed to continue paying full benefits in coming years." "This is largely due to increasing income inequality," Rawlins explained."When the payroll tax cap was implemented in 1983, only 10% of earnings exceeded it and went untaxed. But by 2021, the amount of earnings above the cap had grown to 18.6%. Continued upward income redistribution has shifted more earnings out of range of the program’s supporting tax."
"Scrapping the payroll tax cap entirely and making everyone pay the same tax rate, along with moderate changes, would close the current projected shortfall and allow for expansions that improve Social Security's adequacy and inclusiveness," Rawlins argued.
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