The problem with removing the cap is that most of the high earners work for companies where their income can be in the form of stock options or bonuses. Warren Buffett has taken a salary of $100,000/year for many years, well below the SS cap and yet he is one of the richest men in the world. They raised the income cap on SS this year fro…
The problem with removing the cap is that most of the high earners work for companies where their income can be in the form of stock options or bonuses. Warren Buffett has taken a salary of $100,000/year for many years, well below the SS cap and yet he is one of the richest men in the world. They raised the income cap on SS this year from $160,200 to $168,600 an increase of almost $800 for high earners.
Rick Scott stole hundreds of millions of dollars from Medicare and Medicaid and bought a Senate seat with $69 million of our money. And he proposes to eliminate SS as it exists and start from scratch every 5 years. Him and his uber rich Republican colleagues have no business messing with any social programs.
In that year, Bezos, who filed his taxes jointly with his then-wife, MacKenzie Scott, reported a paltry (for him) $46 million in income, largely from interest and dividend payments on outside investments. He was able to offset every penny he earned with losses from side investments and various deductions, like interest expenses on debts and the vague catchall category of “other expenses.”
In 2011, a year in which his wealth held roughly steady at $18 billion, Bezos filed a tax return reporting he lost money — his income that year was more than offset by investment losses. What’s more, because, according to the tax law, he made so little, he even claimed and received a $4,000 tax credit for his children.
The problem with removing the cap is that most of the high earners work for companies where their income can be in the form of stock options or bonuses. Warren Buffett has taken a salary of $100,000/year for many years, well below the SS cap and yet he is one of the richest men in the world. They raised the income cap on SS this year from $160,200 to $168,600 an increase of almost $800 for high earners.
Rick Scott stole hundreds of millions of dollars from Medicare and Medicaid and bought a Senate seat with $69 million of our money. And he proposes to eliminate SS as it exists and start from scratch every 5 years. Him and his uber rich Republican colleagues have no business messing with any social programs.
ProPublica did a great article on this a couple of years back. https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax
Everyone should read this article!!!
OMG!!
Thanks for the link
In that year, Bezos, who filed his taxes jointly with his then-wife, MacKenzie Scott, reported a paltry (for him) $46 million in income, largely from interest and dividend payments on outside investments. He was able to offset every penny he earned with losses from side investments and various deductions, like interest expenses on debts and the vague catchall category of “other expenses.”
In 2011, a year in which his wealth held roughly steady at $18 billion, Bezos filed a tax return reporting he lost money — his income that year was more than offset by investment losses. What’s more, because, according to the tax law, he made so little, he even claimed and received a $4,000 tax credit for his children.
Yup. 🤬