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Cake day: January 24th, 2025

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  • 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.