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The one-year two-percent reduction in social security taxes disproportionately affects lower wage earners to the benefit of those with larger salaries.
The tax compromise that congress passed this month included a bargain: Replace the expiring 'Making Work Pay' tax cut of 2010 with the 2% SSI tax cut in 2011. This benefits higher paid individuals based on the difference in mechanics of the two taxes:
... the Making Work Pay credit was $400 for an individual, one would have to earn at least $20,000 to match or exceed the payout from Making Work Pay. About 51 million filers make less than $20,000 a year or are state or local government employees who have their own pension funds and don't pay into Social Security. They will see their paychecks shrink by an average of $4.04 less per week under the new system, according to the Tax Policy Center.
How do those with plump salaries make out??
Higher income earners were not eligible for Making Work Pay and will fare even better under this plan: Individuals making $100,000 will see a $2,000 increase in take home pay -- or $38.46 per week. Couples making $100,000 will see an increase of $23.08 per week.
How many tax benefits did we hand out to the rich at the expense of these living under the poverty line?
