Reply #19: It might be more telling to compare how large a percetage of their income [View All]

[dflprincess]

they pay in all taxes. Those in the top 1% may be paying 39% of the income tax, but what percent are they paying in Social Security? In 2007 any of earning less than $97,500 paid a 6.2% tax for SS (+1.45% for Medicare which does not have any income cap). On an income of $97,500 this comes to total $6,045 paid.

On an income of $450,000 it also comes to $6,045 paid, but that only equals 1.34% of income.

Warren Buffet has pointed out these inequities many times.