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Growing disparity between rich & poor
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01-14-2012, 04:52 PM
Mort
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While the whole tax system stinks and is grossly unfair, the Social Security system is the most regressive. Do you know what happens to your paycheck when your ytd gross salary passes the magic ceiling of $106,800? You get a 6.2% raise in your NET PAY! However, you probably don't think about the fact that your employer suddenly gets a 6.2% tax break too (matching payroll taxes).
Just think about what that means. As an employer, if you give raises to those earning less than the SS ceiling you increase your payroll tax burden. If you give a raise or bonus to your employees earning more than the SS ceiling- no payroll tax increase!
Gee, I wonder if any employers out there take this into account when handing out the raises/bonuses. Just maybe this contributes to those huge salaries and bonuses to the CEOs we keep hearing about.
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