"I just googled it. The top 50% pay over 96% of taxes. The bottom 50% pay 3.06%. This is per the IRS.
Per CNBC, the 61% of Americans paid no income taxes in 2020."
These stats are for income taxes!! That's NOT the FDIC deduction that funds SSI! Which is what I thought we were discussing.
EVERY worker on every paycheck (except a few NOT in the program, is there any?) has $$$ deducted to fund their SSI. It's called the FDIC deduction. (Stands for Federal Deposit Insurance Corp.)
BUT, once you reach a certain dollar amount you stop paying in! It's capped for RICH earners. Those who earn 6 figures and above yearly get to STOP paying the deduction partway thru the year once they reach a certain level of earnings. They pay nada for the rest of the work year!!
Folks who only earn 150 K or less per year keep paying in all year. On 100% of their income, while the wealthier earners sometimes pay for less than 6 months of paychecks and on a small percentage of THEIR work income. Thus they put in a far less percentage of THEIR wealth towards their OWN retirement account than a 30,000/yr. full time employed farm worker (or teacher, etc) pays into the fund.
Most of us pay on 100% of our earnings while the wealthier do NOT!!
Income tax paid in is a whole nother matter!!!
Pluswise we KNOW, the wealthy do everything they can to avoid paying ANY taxes!!
How much has our so-called wealthy former POTUS (Trump) paid in in taxes over the years.
He's NOT an outlier. They all do it!!