A small tax increase would make the essential national retirement program secure for decades, our columnist says, but lawmakers would have to take action.
The article explicitly talks about lifting that cap:
Raising the cap that way — taxing affluent people more and everyone else less — would reduce the 3.5-point tax increase needed to fully fund Social Security to as little as 2.45 points, the Social Security system estimated.
Still, raising the tax nearly 2.5% on working people is bullshit. Hey guys, we know inflation is hitting hard and most of you haven’t had a meaningful raise…ever but how about if we lower your current and all future earning potential by 1/40th?
Wouldn’t it be more like a 1.25% increase for most people since that part of the payroll tax is split half and half between employers and employees? I might be reading it wrong but sounds like they’re proposing raising the entire 12.8% or whatever it is payroll tax that much. So it’d go from like 6.4% to like 7.7%.
The article explicitly talks about lifting that cap:
Still, raising the tax nearly 2.5% on working people is bullshit. Hey guys, we know inflation is hitting hard and most of you haven’t had a meaningful raise…ever but how about if we lower your current and all future earning potential by 1/40th?
Wouldn’t it be more like a 1.25% increase for most people since that part of the payroll tax is split half and half between employers and employees? I might be reading it wrong but sounds like they’re proposing raising the entire 12.8% or whatever it is payroll tax that much. So it’d go from like 6.4% to like 7.7%.
This is the way