Lift That Cap to Save Social Security Benefits

Our Social Security payments are in serious trouble. If nothing is done soon, we’re looking at a benefits cut of 22% by 2032. Can you withstand a 22% cut in your income? We can easily avoid that looming cliff by simply raising the cap on income that is taxed to support Social Security. Right now that income cap is $184,500. Wages above that amount are not taxed for Social Security. Is that fair? All Congress needs to do is get rid of that cap or lift it significantly to extend full benefits by 30 to 40 years. That buys time to decide how to fully fund benefits by changing the benefits age, increasing payroll taxes or, better yet, tax AI companies that are trying to eliminate jobs.