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View Diary: Anyone That May Receive Social Security Must Read This (192 comments)

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  •  The truly wealthy pay NO Social Security tax (9+ / 0-)

    because FICA and Medicare taxes only apply to earned income - wages for work. Income from capital gains,  interest, and other sources considered "unearned" income - which is how most wealthy people make most of their money - aren't subject to Social Security, Medicare, self-employment or any related tax, and capital gains and the income of hedge fund managers is taxed at 15%, regardless of total income.

    If all sources of income were taxed to support SS and Medicare, the rates could be lower for all. The average wage earner in this country pays more taxes for SS and Medicare than they pay in income taxes, and there are no progressive rates, exemptions or exclusions from those taxes.

    In Soviet Russia, you rob bank. In America, bank robs you.

    by badger on Sat Dec 08, 2012 at 09:10:18 PM PST

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