A small tax increase would make the essential national retirement program secure for decades, our columnist says, but lawmakers would have to take action.
Wouldn’t removing the cap just delay the issue? You get more out of SS the more you put in. The cap exists because there is a maximum amount you can get out of SS. If they remove the input cap, then that implies they’d remove the output cap too. In which case, the immediate result is a lot more money flowing into SS, but over time, a whole lot more money will start flowing out, too.
Needs based support is definitely a good thing, but that’s not what SS is. That’s closer to welfare and would require a much deeper look into people’s financial situation than a retirement program like SS.
I could make $500k/yr while working then experience some disaster/disability that takes it all away. Conversely, I could be homeless then suddenly come into massive wealth later in my life. Or, I could live a lavish life because my parents/SO are extremely wealthy, yet I am dirt poor on paper. SS is not designed for these situations, and attempting to modify it to fit them is probably a worse idea than bolstering other entitlement programs that are designed to fill in the gaps.
Wouldn’t removing the cap just delay the issue? You get more out of SS the more you put in. The cap exists because there is a maximum amount you can get out of SS. If they remove the input cap, then that implies they’d remove the output cap too. In which case, the immediate result is a lot more money flowing into SS, but over time, a whole lot more money will start flowing out, too.
Nah you just make it needs based. Rich ppl don’t get a check from ss
Eh. One may be rich today and poor tomorrow.
I think Social Security income is taxed above a certain limit as well.
Needs based support is definitely a good thing, but that’s not what SS is. That’s closer to welfare and would require a much deeper look into people’s financial situation than a retirement program like SS.
I could make $500k/yr while working then experience some disaster/disability that takes it all away. Conversely, I could be homeless then suddenly come into massive wealth later in my life. Or, I could live a lavish life because my parents/SO are extremely wealthy, yet I am dirt poor on paper. SS is not designed for these situations, and attempting to modify it to fit them is probably a worse idea than bolstering other entitlement programs that are designed to fill in the gaps.