Wednesday, December 11, 2024

How a Decades-Old Loophole Lets Billionaires Avoid Medicare Taxes

For most working Americans, paying their share of the taxes that fund Medicare is an unavoidable fact of life. It's so automatic for many workers that they may not even realize it takes a bite out of every paycheck. In theory, everyone is required to contribute to the country's health insurance program for seniors, no matter how poor or rich, from cashiers to CEOs. Not on Wall Street. There, some of the most powerful people in finance found a way to opt out.

Posted by retort at 05:56 PM | 8 COMMENTS | permalink

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NEW: Here's how some of Wall Street's richest and most powerful figures are using a decades-old legal loophole to avoid paying millions of dollars in taxes earmarked for health care.

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-- ProPublica (@propublica.org) December 11, 2024 at 8:00 AM

Comments

The Oligarchy at Werk!

And now they're Authoritarians to boot. Now that DJT is King.

#1 | Posted by Corky at 2024-12-11 07:22 PM

MAGATS are ------- idiots.

#2 | Posted by LegallyYourDead at 2024-12-11 11:50 PM

The super rich and the super poor are always exempt from these sorts of things. Everyone in the middle always has to pay.

#3 | Posted by sentinel at 2024-12-12 06:10 AM

#3

Absolutely wrong.

Only the rich get this exemption. Social security tax kicks in from the first dollar of earned income. It's why the ridiculous claim that a huge percent of Americans don't pay income tax is a blatant lie, if you're working at all you're paying 15.3% federal income tax from the first earned dollar. It's only the next 10% that you don't have to pay on the first $14,600.

#4 | Posted by DarkVader at 2024-12-12 09:13 AM

The financial and legal systems in this country are
designed by the rich to coddle the rich. There is no
fair shake in the U.S., no level playing field.

#5 | Posted by earthmuse at 2024-12-12 10:23 AM

Re 5

Unfortunately now it's gonna have to get worse before it gets any better as Trumpy fills the swamp with his corrupt cronies.

#6 | Posted by donnerboy at 2024-12-12 12:14 PM

SSentinel the Nazi loving little bitch thinks the very poor live just like the very rich.

What a ------- ------.

#7 | Posted by LegallyYourDead at 2024-12-12 01:34 PM

#6 unfortunately Donner, if you are waiting on America making 'a rebound'
from its near terminal condition, I think you are 'hovering over a dying patient'.

I do not see America ever returning to the kind of country I grew up with in the
mid 70's. That ship has sailed...

#8 | Posted by earthmuse at 2024-12-12 02:32 PM

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