Paul Krugman Tells GOP Senator: ‘Your Facts Are False’ On Social Security

See on Scoop.itDidYouCheckFirst

During a contentious panel on ABC’s This Week on Sunday, Sen. Ron Johnson (R-WI) found himself at odds with his fellow panelists — and with the facts — about Social Security’s solvency. Johnson and fellow panelist Rep.

Greg Russak‘s insight:

Capping payroll taxes for incomes above $113,700 for 2013 (http://www1.umn.edu/ohr/payroll/tax/wagelimits/index.html) simply means that most of us pay FICA tax on every single dollar we make, while people like Lloyd Blankfein, chairman and CEO of Goldman Sachs, who made salary and cash bonuses of $5,000,000.00 in 2011 (total comp was $16million) paid his 4.2% FICA that year in less than 2 hours into 2011.

How’s that fair?

See on thinkprogress.org