The future of Bidenomics: You pay Social Security tax on ALL of your income?

It’s unfortunate that most politicians and economists don’t explain our $34 trillion of debt in a simpler fashion, but I’ll offer some insight on how the basic math works. 

If you really understand the math, it’s not hard to deduce what outcomes may be here in the future. With another four years of Bidenomics, you can be certain both at the individual level and the corporate level that a perpetuity tax on Social Security will become front and center. Here's why.

If you think about the government like a business (a badly run one), we really have three broad ways we bring in income since the government doesn’t sell cheeseburgers and we don’t make money putting things on Amazon. Here’s what they are:

  1. Personal Income Tax (47% of U.S. revenue)
  2. Payroll Tax (Social Security and Medicare) (37% of U.S. revenue)
  3. Corporate Income Tax (9.5% of U.S. revenue)
Social Security by twenty20photos is licensed under Envato Elements Envato Elements

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