First thought, as an old person, is that the system in place has never taken Social Security from huge amounts of high income. Take away the ceiling on contributions. It should have been done long ago. At least run those numbers and see where we are.
From what's I read from the Government Accountability Office and other places efforts like increasing taxes on high net worth individuals incentivize moving money off shore, causing other tax problems. Most importantly, you don't get close to solving the problem. All the projections have fewer American born workers at time where working age people are already paying for social security for 3 to 4 recipients. The GAO has some possible solutions but event those don't bridge the multidecade, multi trillion dollars gap in this current iteration of the system. We should have dealt with this in the 90s when the demographics were good.
First thought, as an old person, is that the system in place has never taken Social Security from huge amounts of high income. Take away the ceiling on contributions. It should have been done long ago. At least run those numbers and see where we are.
From what's I read from the Government Accountability Office and other places efforts like increasing taxes on high net worth individuals incentivize moving money off shore, causing other tax problems. Most importantly, you don't get close to solving the problem. All the projections have fewer American born workers at time where working age people are already paying for social security for 3 to 4 recipients. The GAO has some possible solutions but event those don't bridge the multidecade, multi trillion dollars gap in this current iteration of the system. We should have dealt with this in the 90s when the demographics were good.
https://www.gao.gov/blog/there-are-options-reforming-social-security-action-needed-now https://www.gao.gov/assets/gao-24-107240.pdf