This is related to a thread that is called "tax hikes coming in 2011".
For those who do not know every wage earner in the country pays what is known as a payroll social security tax.That tax is capped at $109,000 of earnings right now which means everyone below that pays the tax on 100% of their earnings while those over $109,000 get to stop paying it.
So the poll question is if thats fair or should the higher wage earners have to pay on 100% of earning like everybody else does.
Here is a link that while a few years out of date gives you a good idea of what this looks like for real people.
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"What is the Social Security Tax Cap?
The Social Security payroll tax is 12.4 percent of wages - paid equally by the employer and the employee (6.2 percent each). The federal government currently imposes a $90,000 "cap" on taxable salary under Social Security. So President Bush - whose annual salary is $400,000 - will stop paying all his Social Security taxes on or around March 24, while American workers earning less than $90,000 will pay Social Security taxes all year long."
For those who do not know every wage earner in the country pays what is known as a payroll social security tax.That tax is capped at $109,000 of earnings right now which means everyone below that pays the tax on 100% of their earnings while those over $109,000 get to stop paying it.
So the poll question is if thats fair or should the higher wage earners have to pay on 100% of earning like everybody else does.
Here is a link that while a few years out of date gives you a good idea of what this looks like for real people.
Premium Link Upgrade
"What is the Social Security Tax Cap?
The Social Security payroll tax is 12.4 percent of wages - paid equally by the employer and the employee (6.2 percent each). The federal government currently imposes a $90,000 "cap" on taxable salary under Social Security. So President Bush - whose annual salary is $400,000 - will stop paying all his Social Security taxes on or around March 24, while American workers earning less than $90,000 will pay Social Security taxes all year long."
