Jesus christ. So what you're saying is, people making over say $117,000 are taxed less, and the justification is that they won't be needing welfare so they shouldn't have to pay for it?There is no standard deduction for the payroll tax, no exemption; it just is...until you make $117,000 or thereabouts. Above that level you cease to pay, because payroll is earmarked for social security, the theory being that the benefit is capped, so why shouldn't the contribution.
You got that right. I'm not taught anything about this, I don't know anyone that is. I can tell you how to do okay on the SATs and that's just about all the applicable knowledge I was taught in school. Thanks for the explanation anyway, that's actually insane.Civics education is clearly in the shitter when even a well informed youngster like yourself doesn't know this.
I almost think that it's intentionally obscured. It doesn't show up on your 1040 form calculations in an obvious way, and half of the tax is paid by your employer on your behalf. Therefore, it's not staring you in the face like it should be. And the cap isn't well advertised by the media, and politicians have an incentive not to tell people they're getting fucked.