Hey Felli - Democrats are PHUCKING the MILLENIALS!!!
https://www.investors.com/politics/editorials/social-security-payroll-taxes/
Amid all the hoopla about Democrats wanting to raise taxes on the rich, they are quietly working on a bill that would increase taxes on every working family in America. Why? To fund expanded benefits for baby boomers hitting retirement.
The Social Security 2100 Act would hike the combined payroll taxes paid by workers and their employers from 12.4% today to 14.8% by 2043. The bill would also apply the payroll tax on incomes over $400,000.
According to the Social Security Administration, in the first 12 years alone, this would amount to a $1.5 trillion tax hike.
A Staggering Social Security Tax Hike
Once the tax hike's fully phased in, workers and employers will be paying $340 billion more a year in payroll taxes.
As a share of GDP, Social Security taxes would rise to 6.5%, up from the current 4.5%.
https://www.investors.com/politics/editorials/social-security-payroll-taxes/
Amid all the hoopla about Democrats wanting to raise taxes on the rich, they are quietly working on a bill that would increase taxes on every working family in America. Why? To fund expanded benefits for baby boomers hitting retirement.
The Social Security 2100 Act would hike the combined payroll taxes paid by workers and their employers from 12.4% today to 14.8% by 2043. The bill would also apply the payroll tax on incomes over $400,000.
According to the Social Security Administration, in the first 12 years alone, this would amount to a $1.5 trillion tax hike.
A Staggering Social Security Tax Hike
Once the tax hike's fully phased in, workers and employers will be paying $340 billion more a year in payroll taxes.
As a share of GDP, Social Security taxes would rise to 6.5%, up from the current 4.5%.