Should We Eliminate the Social Security Tax Cap?
There have been a number of proposals to increase, eliminate, or otherwise adjust the payroll tax cap as a way to shore up Social Security’s finances.
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There have been a number of proposals to increase, eliminate, or otherwise adjust the payroll tax cap as a way to shore up Social Security’s finances.
Here we analyze the extent to which more funding impacts tax compliance, the tax gap, and federal revenues.
https://www.pgpf.org/blog/2023/12/would-increased-funding-for-the-irs-narrow-the-tax-gap
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for December 2023.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-december-2023
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for November 2023.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-november-2023
Cracking down on the tax gap would not only introduce more fairness into the system, but it could be a big help for our nation’s fiscal imbalance.
Portman, Panetta, Heitkamp, Zandi and others call for bipartisan fiscal commission, outlining spending and revenue reforms to stabilize the debt.
"When the dominoes of our national debt fall, young Americans will be the ones left to pick up the pieces," writes Heidi Heitkamp.
"The public has to be involved, educated, and understand the consequences of inaction. Legislators will not make difficult decisions unless their constituents see a need and reason to act," writes G. William Hoagland
https://www.pgpf.org/expert-views/fiscal-commission/fiscal-commissions-promises-and-disappointments
"Too often in recent years, Washington has largely governed by crisis. No area better reflects the pressure of constant crisis than the federal budget," writes Leon E. Panetta
"It is easy to look at the state of American politics and feel despair. Instead, we should be motivated to solve big problems," writes Robert Portman