The Social Security tax cap is one of the most popular discussion points of the entire program.
As discussed here, some people claim that raising it will not be the fix-all solution that others believe in. The argument typically says that the ultra-wealthy only pay taxes on the first $168,600 of their earnings. Therefore, they pay the same amount into the program as your average upper-middle-class earner in a big city.
However, this article offers the counterargument that these individuals’ benefits are capped as well, leaving them proportional to their tax requirements. The article also states that raising tax cap wouldn’t save Social Security. According to these calculations, it would merely delay insolvency, and even potentially pave the way for future cuts and additional problems.
What do you think about this article’s perspective? Is raising the tax cap the way to restore the Social Security Trust Fund? If taxes were raised on the ultra-wealthy, would that money really go into Social Security? Share your thoughts.
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At The Seniors Center, our goal is to help seniors, and we’re doing that by protecting the future of Social Security. Retirees shouldn’t have to worry about losing their hard-earned benefits to taxes or the agendas of greedy politicians. If you agree, we invite you to sign our petition today! And follow The Seniors Center on Twitter and Facebook for more updates!
