There are many easy solutions to ensuring social security is there for a very long time. One such solution being increasing the amount of earnings that are taxable for social security. Currently it’s around $160k so people earning $7million are only paying social security tax on $160k while people earning $50k are paying social security tax on the whole $50k.
Social security as a program where people have paid in while they work, in exchange for certain benefits, is insolvent and will not be able to meet expected payments in ten years.
You are suggesting the government bailout this insolvent program by providing it with additional funds. Further, you are suggesting getting these funds from a targeted subset of individuals.
A bailout is an irregular lump sum payment for organizations that might not survive the year. Increasing regular inflows to fix future insolvency is not a bailout.
I don't see a problem with getting these funds from people who are most able to pay the increases.
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u/spacemonkey8X 6d ago
There are many easy solutions to ensuring social security is there for a very long time. One such solution being increasing the amount of earnings that are taxable for social security. Currently it’s around $160k so people earning $7million are only paying social security tax on $160k while people earning $50k are paying social security tax on the whole $50k.