How Quickly the Richest Reach the Tax Cap
In order to better conceptualize why there is such a big focus on the tax cap we think we should be looking at how quickly high income earners would have been able to pay their Social Security tax for the whole year.
Forbes looked at 211 people who earned over $50 million in 2018 and estimated that they would have been able to achieve this feat in no more than 12 hours of the new year. Also according to Forbes, Safra Catz, one of the two highest paid CEOs of 2019 (CEO of Oracle Corporation) would have probably paid her tax before noon on New Year’s Day.
Another estimate came from the Los Angeles Times who pointed out the fact that around 1,000 people would have paid their whole Social Security tax by the first working day of the year (which incidentally was a Thursday).
