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.
Social Security is an essential program for millions of Americans, but it’s at risk if lawmakers fail to take action to reform the program.
https://www.pgpf.org/blog/2023/12/9-facts-about-social-security-and-the-need-to-strengthen-it
Every year the Social Security and Medicare Boards of Trustees issue reports on the fiscal health of these vital programs.
https://www.pgpf.org/analysis/social-security-medicare-trustees-reports
The normal retirement age for receiving full Social Security benefits depends on the year of your birth.
https://www.pgpf.org/chart-archive/0245_social-security-year-of-birth
Social Security is the largest single program in the federal budget and makes up approximately one quarter of total federal spending.
https://www.pgpf.org/budget-basics/how-does-social-security-work
Since its establishment in 1935, Social Security has grown to become the largest program in the federal budget.
https://www.pgpf.org/blog/2023/02/social-security-reform-should-we-reduce-benefits
Social Security is the primary source of government-funded retirement support in the United States.
https://www.pgpf.org/blog/2022/11/social-security-reform-options-to-raise-revenues
The report anticipates that in 2020 — for the first time since 1982 — the program’s total costs will exceed its total income.
The Social Security and Medicare Trustees released their annual reports, which show that these vital programs are on an unsustainable path.
https://www.pgpf.org/blog/2022/06/five-charts-about-the-future-of-social-security-and-medicare
Fixing the budget requires addressing the root cause of the long-term deficits: escalating Social Security and Medicare shortfalls.