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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSeen on Reddit: Elon Musk stopped paying into Social Security on Jan 1 at 12:15 am
https://www.reddit.com/r/economicCollapse/comments/1hs65ah/comment/m54030kElon Musk stopped paying into Social Security on Jan 1 at 12:15 am
The CEO of Palantir at 12:19 am
The CEOs of Broadcom and Coinbase at 12:30 am
And at least 225 more before the day was over.
We need. To eliminate. The Cap.
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Seen on Reddit: Elon Musk stopped paying into Social Security on Jan 1 at 12:15 am (Original Post)
Mr.WeRP
Jan 2
OP
RubyRose
(267 posts)1. What salary does he pay himself?
Mr.WeRP
(720 posts)2. He gets paid TSLA stock on a milestone basis.
There are plenty of sites that cover his compensation packages.
Stock compensation is still taxable as income and all the basic taxes and federal fees come out of it. Enough shares are liquidated to cover the taxes before the remaining shares are released to him. This is a pretty standard payment form via RSUs (Restricted Stock Units) in the tech industry.
summer_in_TX
(3,432 posts)3. This framing seems like a distortion of what's actually going on to me.
https://www.forbes.com/sites/teresaghilarducci/2025/01/01/the-rich-stop-paying-social-security-tax-around-january-1/
The Forbes article is a projection of what "could" happen. Probably likely it would have happened, but the Reddit headline asserted it as a fact. That's not what the article said.
It made it sound like deliberate sabotage of Social Security was occurring. Not sure the line is as direct as that, although the cap does act to sabotage Social Security.
Shortly After Midnight On New Years Eve, 229 Americans Have Already Paid Their Social Security Tax
Earnings over $176,100 per year, which is the cap on earnings taxed by Social Security, escape tax. A civil engineer earning $176,100 per year looks the same as Elon Musk in the eyes of the Social Security system.
According to public data on Musks income, 15 minutes past midnight on New Years Eve, he likely has paid all of his Social Security tax on earnings from Tesla. If all of Musks income was taxed, he would have been able to pay all his Social Security tax in about 60 seconds.
Alexander Karp, CEO of Palantir likely pays all his Social Security tax (OASDI) in about 19 minutes past midnight January 1; Hock Tan, CEO of Broadcom and Brian Armstrong, CEO of Coinbase, could have paid theirs by about 12:30 a.m. In the first few hours of 2025, more than 229 U.S. workers earning above $50 million per year will have likely paid all their Social Security taxes for the entire year. (Only salaries from executives at public companies are disclosed so there are likely more rich executives at private companies who have paid all their Social Security within half an hour in the new year.)
Earnings over $176,100 per year, which is the cap on earnings taxed by Social Security, escape tax. A civil engineer earning $176,100 per year looks the same as Elon Musk in the eyes of the Social Security system.
According to public data on Musks income, 15 minutes past midnight on New Years Eve, he likely has paid all of his Social Security tax on earnings from Tesla. If all of Musks income was taxed, he would have been able to pay all his Social Security tax in about 60 seconds.
Alexander Karp, CEO of Palantir likely pays all his Social Security tax (OASDI) in about 19 minutes past midnight January 1; Hock Tan, CEO of Broadcom and Brian Armstrong, CEO of Coinbase, could have paid theirs by about 12:30 a.m. In the first few hours of 2025, more than 229 U.S. workers earning above $50 million per year will have likely paid all their Social Security taxes for the entire year. (Only salaries from executives at public companies are disclosed so there are likely more rich executives at private companies who have paid all their Social Security within half an hour in the new year.)
The Forbes article is a projection of what "could" happen. Probably likely it would have happened, but the Reddit headline asserted it as a fact. That's not what the article said.
It made it sound like deliberate sabotage of Social Security was occurring. Not sure the line is as direct as that, although the cap does act to sabotage Social Security.
WarGamer
(16,291 posts)4. agreed... nonsensical article.
Trump has actually had multiple years with ZERO taxable "income"
Mr.WeRP
(720 posts)8. The point is still relevant even if it is "just" a likely outcome
The point being that raising the cap is the most fair thing to do when our current system is so obviously unfair.
TalenaGor
(1,155 posts)5. wish Biden woud EO the cap before he leaves
not sure if he can but wow what a difference it would make
SCantiGOP
(14,356 posts)6. He can't do it
That is clearly a Congressional responsibility.
pansypoo53219
(21,907 posts)7. greenspn's timebomb.remove the cap.