In US Social Security is paid on first $110,100 of wages? And NOT after that.
Why is that?
After all the whole point of Taxation is that the more you make the more Taxes you pay.
But in case of US the more you make the LESS Taxes you pay! AS per this Social Security Tax.
To be exact this means that someone making $10Mill will pay Social Security on 0.5% of their income while Middle class making $75K will pay Social Security on 100% of their income.
Why is that? How can the Government put something so unfair into place?