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The Social Security Arguement [1]
['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']
Date: 2025-03-05
I am sitting here watching Chris Hayes and Corey Booker discussing the twittiot/Elmo attack on Social Security and they along with everyone else refuse to or do not understand the reason that so many in the US want SS to disappear. It is simply a for profit change that most employers want to see.
The figures I am using are older figures for Tesla but the only ones I could find that I am comfortable using because they came from an annual share holders meeting. These numbers are; the labor cost of building a Tesla, $3224 and the number of vehicles built that year, 554,688. Now we will knock 30% off of that labor cost as non-FICA taxable employee compensation and go from there.
3224 x .7 = 2256.80
2256.8 x .0685, current (?) FICA rate, = 154.59/vehicle
$154.59 x 554688 = $85,749,661.67
If the powers that be, also known as big business, can get rid of their FICA obligation the free profit is enormous. $85 million plus per year just for Tesla.
You can bet the farm that “big business” is not going to pass these savings on to you.
There are also millions of employees out there that have absolutely no idea what the FICA deduction is. They think it is a federal income tax even if they do not make enough to have to pay federal income tax. Add to the misunderstanding of what FICA does and these low paid maga warriors get even more angry when they do not get a tax refund like their neighbors.
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