There is no Medicare Tax base wage limit; the tax is applied to your
entire wage income. You are correct about SS; it is only applied to the
first $117,000 of your income. Your point is well taken, but applying SS
tax to all income presents another problem. The system (or scheme, if you
prefer) is designed such that what you receive in benefit is determined by
what you pay into the system. So that will have to be adjusted as well or
the big wage earners will be taking home ever larger SS benefits. As for
non-wage income, take that up with your Congressmen. They are to ones to
decide how to tax unearned income, capital gains, stock compensations, etc.
Good luck with that.
Charlie
On Wed, Mar 19, 2014 at 11:43 AM, Ken Norton <ken@xxxxxxxxxxx> wrote:
> > That's correct, sir. The CEOs of our largest companies make only 410
> times the pay of their lowest paid employee. It's an outrage we hold the
> suits back so much in this country.
>
> First thing I would do is eliminate the cap on Social Security and
> Medicare tax. That cap means that it really only hits only the working
> middle class. Oh, and make it apply to those stock option packages.
> Make it apply to every single benefit that those executives get. The
> fact that Steve Jobs was somehow able to live on $1 annual salary
> tells us that the system is stacked against us.
>
>
> --
> Ken Norton
> ken@xxxxxxxxxxx
> http://www.zone-10.com
> --
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