Future of Social Security
Wouldn’t it be worthwhile to drop the cap for Social Security Contributions so that people at hgher earning levels will continue to contribute? People who earn more than $176,100 won’t miss the aditional 6.2% FICA contribution as much as those at lower income levels would miss it if the rate was raised.
Terry Says
These are but two of the suggestions for dealing with the SS trust fund. Raising the cap seems inevitable — and better done sooner than later. And yes, raising the “contribution” percentage is highly regressive. Delaying the retirement age — for YOUNGER WORKERS — is a third aspect of the solution.
The most important thing is that Congress get its act together and start dealing with this NOW!!
