No. It's bad arithmetic and bad economics masquerading as fact. It's poorly and confusingly written. There is a constant confusion of payroll taxes with income taxes, no mention of the payroll tax cap, and the basic economic truth that all payroll taxes are paid by the employee, whether or not the employer is charged with half the cost. All employee costs are carried on the employer's books and come out of what the employer is willing to pay an employee. Thus, everybody making a salary of $106,00 (the Social Security cap) is thus taxed at least the approximately 15% that payroll taxes come to on the full amount of their salary.