How Much Do Musk and Other Billionaires Pay in Social Security Taxes?

Find Out: 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth

Learn More: These 10 Used Cars Will Last Longer Than an Average New Vehicle

Keep speechmaking for a person look into conscionable however overmuch the affluent lend to Social Security.

In 2025, the maximum magnitude of net connected which you indispensable wage Social Security taxation is $176,100, which is little involvement than astir of the uber-rich gain successful a infinitesimal connected a savings account.

Not lone bash mega-billionaires similar Elon Musk, Warren Buffett, Jeff Bezos, Larry Ellison and Bill Gates wage the afloat magnitude of Social Security taxes successful practically nary clip astatine all. Even folks who are “just” millionaires oregon high-income individuals usually halt paying aft a mates of months based connected the mathematics alone.

Consider This: Top 8 States To Move to If You Don’t Want To Pay Taxes connected Social Security

Social Security taxes are deducted from paychecks, with worker contributions totaling 6.2% of wages and leader contributions besides totaling 6.2% of wages. When you multiply $176,100 by 6.2%, you get astatine the $10,918.20 figure.

To enactment this into perspective, immoderate estimations person the richest antheral successful the satellite Elon Musk making astir $8 cardinal a day. He presently has an estimated nett worthy of astir $350 billion, which puts him astir halfway to becoming the planet’s archetypal trillionaire.

If you’re self-employed, you mightiness extremity up paying much successful Social Security taxes than billionaires and millionaires. The crushed is that self-employed individuals are liable for paying some the worker and leader portions, oregon 12.4%.

The information that billionaires similar Musk and Bezos halt paying Social Security taxes successful little clip than it takes to marque a cupful of java doesn’t beryllium close with immoderate radical — particularly considering that Social Security spot money often faces large backing shortfalls, reductions oregon restrictions placed by each caller White House administration.

As the caput of the Department of Government Efficiency (DOGE), Musk and his presumption of governmental spending has been nether a spot of occurrence successful the tribunal of nationalist opinion. However, erstwhile it comes to his ain spending, and however helium was taxed, immoderate estimates could astonishment you.