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Ugh. We can do two things at once. Eliminate the wage base cap and not increase benefits based on taxes on higher income. This solves the funding problem for decades. Just this one thing.
This solves the funding problem for decades.
IF funding exceeds outlays. IF people have kids. IF we don't go into a depression. IF the US can stop deficit spending before interest payments exceed Defence/Medi/SS.
Disclaimer: I support FICA cap removal and raising rate to save SS prior to 2034. But most projections I've read are INCREDIBLY rosey.
Nothing rosy about counting how much money 6.2% of many millions is, compared to what they pay now. More than half the funding for Spcial Security is remaining with the people who need it the least
I'm not arguing that it's not enough money. I'm arguing can you collect it? Tax code in the US regardless who has been in power has been a shit show since the 60s. It's only gotten more absurd as wealth management gets more complicated.
SS and Medicare are taxed on grosses, except for some specific pre-tax deductions that are pretty limited, you can't just buy your way out of paying it. So compared to AGI, it's actually really simple.
Gee, if only we could figure out some easy way to supplement young-ish workers in this country, especially in fields where existing US residents don't really want to do the work. I don't know, just spitballing, like allow people from other countries to work here legally...
I agree; but have you met our Congress?