FALLS CHURCH, Va., Jan. 28 /PRNewswire-USNewswire/ -- The President, Members of Congress, and Supreme Court justices do not pay Social Security taxes, giving them an extra $6,045 a year in take-home pay, Tax Notes reports in this week's issue.
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Under the Social Security system, working Americans are subject to a 6.2 percent payroll tax on their first $97,500 of wages. Their employers also pay a 6.2 percent payroll tax on those wages, making the overall tax 12.4 percent. Those taxes support the Old Age, Survivors, and Disability Insurance portion of Social Security - in essence, the checks that are distributed to tens of millions of Americans each month.
But, Tax Notes reports, our nation's leaders are not subject to that 6.2 percent payroll tax on any of their wages.
"Hey guys," contributing editor Martin A. Sullivan asks in his article, "how about pitching in on the Social Security crisis?"
To interview Martin Sullivan on this issue, contact Wendy Lewis at 703 533-4404 or Wendy_Lewis@tax.org.
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