How much buying power do you have for every dollar earned?

[theGinsue]

Here's something else I wonder about which can be answered by those receiving Social Security benefits:

I know you have to pay income tax on Social Security benefits received, but does the .fed also charge Social Security/Medicare tax to those benefits? Wouldn't that be a bit like a snake eating its own tail?

[mpatch]

Here's something else I wonder about which can be answered by those receiving Social Security benefits:

I know you have to pay income tax on Social Security benefits received, but does the .fed also charge Social Security/Medicare tax to those benefits? Wouldn't that be a bit like a snake eating its own tail?

You don't pay taxes on all of your SS, if you're under a certain amount it's tax free.
As to your initial question I would say for the average working person 40% of what they earn isn't taken in one way or another.

[Great-Kazoo]

You don't pay taxes on all of your SS, if you're under a certain amount it's tax free.
As to your initial question I would say for the average working person 40% of what they earn isn't taken in one way or another.

Not really. They tax you, but you get it back depending on total household income. However you see less of it up front, as some goes to medicare.

Either way everyone is screwed.

[D_F]

2 other points along this line that have always driven me crazy.

As an employer, we pretty much match income SS taxes etc. for our employee's. So a step farther would be for every dollar earned from the economy what part does the gov take?

And AOC and all the socialist folks keep talking about 70-90% tax rate for the rich. These are the folks with enough money to stay one step ahead of tax regulations. So it's kinda like 70-90% of nothing, or very little. The ones that really push my buttons are the folks who take pay "under the table" and then complain about how the rich aren't paying their fair share.