To support around a 1% shortfall in fica, fica is about .5% of all income (feel free to fact check, I guessed a bit), 1950 fits the bill for their actual paid percentage of 41% vs their statutory 89%.
Edit: it’d be interesting to know how much of a fica shortfall 4% taxes on the 1% would cover. Somewhere in the range of 50-150% is my guess. Seems more than the projected shortfalls. Now, if they got taxed at 91% for real, noone else would have to pay [much] income tax, and they could raise fica on the rest of us without objection.
Could you give an example of a year in which the top 1% paid enough taxes to satisfy this condition?
To support around a 1% shortfall in fica, fica is about .5% of all income (feel free to fact check, I guessed a bit), 1950 fits the bill for their actual paid percentage of 41% vs their statutory 89%.
Edit: it’d be interesting to know how much of a fica shortfall 4% taxes on the 1% would cover. Somewhere in the range of 50-150% is my guess. Seems more than the projected shortfalls. Now, if they got taxed at 91% for real, noone else would have to pay [much] income tax, and they could raise fica on the rest of us without objection.