This is why unfettered capitalism will fail once again and hopefully for the last time.
A cap of $117,000 for multi billionaires......how ludicrous.
900 wealthiest Americans exempted from paying 2014 Social Security past Jan. 2ndA small, elite group of US citizens has already met their 2014 financial obligation for Social Security two days into the New Year, and will no longer be required to contribute any of their income to the federal program.
Nearly all working Americans will continue to pay the social security tax through the duration of 2014. The 900 wealthiest, however, have fulfilled their responsibility for the whole year on Thursday by earning $117,000 – the maximum total social security is allowed to take from an individual income each year - on the first and second days of the month.
Democrats successfully raised the cap from $106,800 to its current level in 2009. Unfortunately, for the millions of Americans who rely on the program much of the political discussion in recent years has focused on slashing benefits.
President Obama – who along with the Democratic Party has positioned himself as a protector of the elderly and disabled – recently proposed a change to how Social Security benefits are calculated.
The new measure, known as Chained CPI, would cut $230 billion in benefits over ten years by gradually shaving dollars off a retiree's income as they grow older. Someone who started receiving benefits at age 62, for instance, would lose roughly one month's income by the time they turn 92, when that money would certainly be much more valuable.
http://rt.com/usa/900-super-rich-no-taxes-158/BOTR NOW!!!!
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