Are the Rich Paying Their Fair Share? Maybe More than You Think
You would think that if a worker earned double the income during their working years, their Social Security would be double – but that is not the case. When you do the calculations for a person with a $4,000 average monthly income, the Social Security benefit comes out to $1,759 for life. So you would expect a person whose average monthly income was $8,000 to have a double Social Security benefit of $3,518, but in reality, they would only receive $2,525 per month.
Why is this?
Social Security benefits are presently calculated to enrich the benefits of lower-wage earners by taking away money from higher-wage earners. This is to give poorer people more money; and there is certainly no problem with that. The problem is with the false impression that high income individuals do not pay their fair sure – but that’s simply not true. In fact, as illustrated above, the higher average income an individual has earned, the lower percentage of salary they are getting back in the form of Social Security.
Despite this fact, liberals want to punish these higher-income individuals even more. By raising the tax cap, those who have earned salaries over the current cap will receive an even smaller percentage of their salary in the form of Social Security as compared to low-wage and middle-wage earners. So remind me again why this is their “fair share”?